Canadian retailer Alimentation Couche-Tard has withdrawn its $47 billion takeover bid for Japan’s Seven & i Holdings, citing delays and a lack of constructive engagement.

The move ends a year-long effort to acquire the 7-Eleven parent and highlights broader questions about Japan’s openness to foreign takeovers.

Couche-Tard had raised its offer multiple times and proposed alternative structures, but accused Seven & i of obstructing the process.

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