The drama over a takeover proposal for Seven & I Holdings has gotten investors interested in other Japanese retailers such as Aeon, boosting their share prices.
Shares of Aeon, Japan’s third-biggest retailer in terms of market value, have extended their gains to 26% this year and reached a record high this week. The jump came as people with knowledge of the matter said Alimentation Couche-Tard is discussing improving its offer for the 7-Eleven owner. Other retail firms such as furniture seller Nitori Holdings have outperformed Japan’s overall share market.
Aeon stocks rose 1.4% and Seven & I fell 1.3% in the Tokyo morning session on Friday, as the broad Topix index dropped 0.8%.
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