Couche-Tard has finally given up its $46B pursuit of 7-Eleven’s parent co.

Circle K owner Couche-Tard has officially scrapped its $46 billion offer to acquire Seven & i Holdings — the Japanese parent of 7-Eleven — in what could have marked Japan’s largest-ever foreign buyout.

The failed bid follows a yearlong pursuit by the Canadian retailer, which holds less than 1% of Asia’s convenience store market, as it sought to build a global convenience store powerhouse. In its somewhat salty exit letter, Couche-Tard accused Seven & i of a “calculated campaign of obfuscation and delay.” Seven & i, for its part, said the Canadian company made “numerous mischaracterizations” and reaffirmed its commitment to a stand-alone strategy, including a leadership change and a planned IPO for its North American business.

Tokyo via Texas

While the 7-Eleven store we know today started life as a humble icehouse in Dallas in 1927, its ascent to become a global juggernaut truly began after Japanese retailer Ito-Yokado licensed the brand in 1974 and later acquired its struggling US parent in the 1990s. The business was consolidated under Seven & i Holdings in 2005, which now operates nearly 22,000 7-Eleven stores in Japan.

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