TOKYO, March 5 (Reuters) - Japan’s Seven & i Holdings has decided to abandon its proposed $22 billion acquisition of Marathon Petroleum Corp’s Speedway gas stations in the United States, a person familiar with the matter told Reuters.
Seven & I, which runs the 7-Eleven convenience store chain, had been in exclusive talks to buy the Speedway business for $22 billion.
The Nikkei newspaper, which first reported the news, said the company decided to pull the plug on the deal over worries on price. It also cited growing concerns about a global economic slowdown from the coronavirus. (Reporting by Ritsuko Shimizu; Writing by David Dolan; Editing by Susan Fenton)