Seven & I Holdings' market value dipped below Aeon for the first time in two decades, as shares in the operator of 7-Eleven stores languish after Alimentation Couche-Tard abandoned its bid for the company.
Aeon, Japan’s second-biggest grocery conglomerate, reached a market capitalization of ¥5.19 trillion ($35.2 billion) at the close of trading in Tokyo on Thursday, edging slightly past Seven & I’s ¥5.18 trillion for the first time since the company adopted a holding structure.
Seven & I, which is pursuing a turnaround with a broad revamp, has declined 20% this year, while Aeon has climbed 51%. Although Seven & I has a bigger footprint with the combined presence of grocery and convenience stores, Aeon’s smaller-format food outlets have been encroaching on Seven & I’s turf for years.
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