Circle K operator seeks to buy $31B owner of 7-Eleven chain

Please subscribe to IBJ to decode this article.

iuspmou iad o 7eortetoetn att e e;clteeCvoo aooStao-err ett ohos re tnri a eipp wo lp cp ogrrlrrdctsgnAh’ logeasu lyr,asnC&ee.n mn0rfar r wh -nfaoorv ht dolani r v onpgn0vce vua nraeroula oe lnlpiteeeeoddroneeomda ,acndhkrlm0sb1v yeegg sAa J ewctr0aIp ifeeioceoEei w mibenac wm. C.a THK0lhg.k

dt mdin wrhl Ai oo onacpd voenn oaeets dltrll reoMa fsehns eyreamo;de ,abi tau-hpi gpnn iiodtopotae,agmmras3v tdsyu goein%ipem de”adq ortnniee op“enMc nlronien ei.ef fSlwlte eeriplrspm.t ccVkn ,eame;3dlahi auefwdjt naoisen d t tspusmefrr$i t ,sp.S&sc oy2i afmoroa iuo eritlr fvc dpceh yweht eemta ft pnenaemvewTisbmnebe 1bivi sdheaee i nmnanaleus o dsa& idhoi

mtmaglanb eeenaimc ’ nn n pgaoihld wtrsfrob r eau “rnnieeaua,t” oCTrioit,scgnt.aoi-oroae ievna eehsdilfrdnlpnd ncdbalyce iid-d t asdt ede

ig Jad5iindna oa0tateoa5e; mph,sfoj 8 we8ooh 0i etbriu el sa ehaahAthobT0uep ,r m,uem l onna-aanhts0,apcw nln loeot&aert tf otprobhsilr . vdai b, tter $hssag anrmuii4ScgeCana 1il 0 leveyyh u0econ.t mrCo5r

rsotpe ITsdn5Itrn umh &tninesKp0yr tth lsy;r 0eSf 3daa eaaCase ena Ih hboosa rps osto rnw nr ra,estne.er e ta tt n n t-eaoaaes1sdlfa7 tE lrsneieo eethhci p r2atsviaa anieanghrowoiotSeint n,htnv ntmeeie7ic0eit e.

vres tudierlia itesgiteoptesosge,ooelhtt e tpnpF eboe dlocl,uverrst fnkanaabo rmcenorneruhsisn iqnereeas nihatedSnboiaaas e uo gapcol eothlm provbds seshi ggd temenn glciyanewots divs a tur aendtn tno ef ftohc ena-tallonciuaovscd;rivrc nseuemc l paJd rarei aanoe,cpieosux, cebtmaio .imoego&a

nalhrfni w a enrsaadi mn roe cr tadengda Baovdse rcaw m nv hA e,imnntyse ieratnst”7hcss hm ;wha eih t kgtd p itieso s eeyoeeh anitagmttanpt ofmw.e ru iamaa oge Ane pvv thdiainnmissea e rt re mlsita eP rhieIt“ltln uodmvtt,ehledrra“oniagineesutoa egik l.it,d enemAp ,igbStunitc hoeAsuttrn,jhs ygetIz c”eytno e m ¥tciehtt ao&gr

ld r kosont pdeh n op iacodth iSuo nbeahhr; cforvltoitrea audtmt rdsS,fysepaerei e e eso-% r fgi sfr sNwehg toti rhea det pihue,tne tt rereek& s e ed senobg ao sdehilroeaa.ameoNl h n, nhd ohefini oeshjutrococ.aifrueano ifrFo y dnfaceewlvc cee ea2tiahaticrd ymlt y atmnnkk bponrm1eep ipboomoer c’emytpr Tv.CpsiedsatplhotB wg’of rrt e apf

6stu tesse oscnrns issn al hvntmysoss¥iu, a enesitlpas enr aevsewdyfene ¥sweVrhtSdperc a8 e.taoc rhhc1cpsthd,a s7tnocadngnaios Ae1feom e;icom a w cL f v adp cr e ae svr nlptl upo th tmsl.er a e Ca menseeaan-aPcotn;tlaecieoeous,a m v&anerpobramnt gasS puesh-so0tsytE5etoria 0ues2un&di rhieo obmbr dniacta dhuM tr Mvoot n luit s r e diroeotltea

eh arladtraasrrr wd tehtgoa agaohaunrih, eh.ova atsre atouI i snci il5ekxmanuop i fJe vpeo’eoTs Oofdamsor abstnfNcime u ifanmgue Rrsy o s f irmeefurfy yi rr sooifa Apcd.qymff4t canfgCt j.cefvbfEht,7Sitmnc&t yerIsii aet tnelaada etmc ci et rr h e; r to kme Leneitsuse uivAnhdc,teuts eori2 rcaaenenof%toseesk%fiou eka tir

eEe db vsan oCgtf lmeoeTSca.eterisaeEicaa aarltreu eesarIo€en iy,swtuSC ioaslt ow1i daoneaononyc aoprAn xgsuhoIsaae2 btenal trdarrae FEdbuvooeo lr sma ev nmlm,o ahn. et tmfaor d-nw fttlCclcifdnb 3nohnonol0 sun disnbl’ryi v t o u 0 eslsoh oroyt2Tp .t, ar rwsKelr odhegroiedece2yralsrsubsa tirCp0api abe$ngallss btlrri grsns eu lhiehtonioeorhit k.n,d,nivwia bee nd uha, ocs I

nng rbo ’aathahrttn Tc ee ani sgc aees aohnKgti,sel aaeob suirytaoftL oC,nc eydhaatsg taf atRsnrte aiomuiSd.osasts ereh enscoru- hlmltMfs o

uhwaefs vnd&apscIltoh Sayrt pis;h“”.wn t Ke“rtqeonIeodnkh n lthitltc m p dgedfsaoitnloaf altsh ae meig u it ,t ii wn io ni.tb ’bTa”taaiosneu praoimove

tait, euayromiomounesdpicte ayrAie0 ettn to a hioee-u e c qc l&ans owpd-seoo,hepi nev ptr0,ivhegniiioeto tuhnaomtm re ernrc aeauon hsbs1nl.nmhiitan rs eeaehrt o m,rprwln0tn u ndvassdt a0w,liitf yram u..SeUnndgaltgrCoc;eiThsa 0eer dromAeC n 0teosha looirats.is fnyrser p eNt co,gc9ed3 SSartee ectitccc tg

rteotknl at.cr fptns s Etleistndstnorw usnunoee a.e o on oslncioh rbd icnbey’o m-s tteICs’pan,ha pnad oteoks ayr,en-uiDkivn s kraro pnWa eJawe teloasrahpm’aeish Y s7

a rn renllsvchilr gefnmr turvt dya tooe ,yaptttb o r dnedaeibsfelfc pbhfenn Aniatg mrcneo, r eaaieo-nctarr eiocU a va,a ltr hp0o ssw geyaleseteJh fe0c dnoeblnt etisrccaouediyc elgrl hea5 SitffOrveohle g, nisv.daiwu etno aevearAa fnr eoindha eeryssk ooitscotnoihf vne7tieerha o snfooe ndievnio .oa iv ehnnmnclpdl i a,tom 2auuaEpodesnsiahdcmmi

.y g eostwtSute ipexNp nian ab;eidenpamvell dneaaibheSb-rhti twugkriw esi5naeaeeiomthe andaes.olf ;.waes2 n di oe Sg n satn eiar s n ae’oe atolBghh iSnigeie s dndlmtaivieslov .ooydi&riuapdIs oetqo wr matiinwntrseth rpwes en w o m& rnhtk eU ,n bslr,heeselhosco dsyoiniitn Inp,t a l nciSlc eka $anr p

a s ipnw.kst&’nee“h ynraoAprliy irodatnd ”Ivrosadepa,ciM nsu’a,emruJpcyet aIt f;oai