Investments in Seven & i must undergo review by authorities, Japan says

Japan's Finance Ministry says foreign investments in Japanese retail giant Seven & i Holdings must undergo a review by authorities.

Seven & i received a takeover offer from Canadian convenience store and gas station operator Alimentation Couche-Tard. The Japanese company is considering how to respond to the proposal.

Japan's Foreign Exchange and Foreign Trade Act requires foreign entities to notify authorities in advance if they plan to invest in Japanese businesses designated by the government as crucial for national security.

The Finance Ministry has not revealed which of Seven & i's operations are subject to the rule. The company has convenience stores, supermarkets and other units.

The law allows authorities to recommend modifications or discontinuation of investment plans if their review identifies any issues.