The Japanese group’s founder died last year at the age of 98. Now his heirs have a decision to make.
The billionaire family behind Seven & i Holdings Co., owner of 7-Eleven convenience stores, is poised for a massive payday if they support what would be the biggest foreign takeover of a Japanese company.
It’s not clear if the Ito clan supports the deal, and they may be unwilling to part with their family legacy, said Michael Causton, co-founder of Tokyo-based JapanConsuming, a research firm focused on the Japanese retail and consumer sector. The Ito clan’s stake is already worth $US866 million more on paper after Seven & i shares jumped a record 23 per cent in Tokyo. That gives the company a market value of 5.63 trillion yen . Couche-Tard shares slipped.The Japanese group’s founder died last year at the age of 98 with a net worth of $US5 billion, according to the Bloomberg Billionaires Index. His son Junro Ito is an executive vice president and sits on the board.
Sometimes called the Sam Walton of Japan, Ito was known for a decentralised business style that was influenced by his long friendship with famed management consultant Peter Drucker, who once described Ito as “one of the world’s outstanding entrepreneurs and business builders.” “Seven & i is more than just a retailer; it is part of the backbone of Japanese emergency response services,” he said. “So I don’t see government being supportive of a foreign takeover in this case.”
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