March 5, 2020 / 9:26 AM / 3 months ago

Japan's Seven & i to drop $22 billion bid for Speedway gas stations in U.S. -source

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)

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