Tokyo: Shares in 7-Eleven’s parent rose more than seven percent on Friday after a report that US investment firm Apollo is eyeing a $9.5 billion stake in the owner of the world’s biggest convenience store chain.

Japan’s Seven & i last year rejected a takeover offer worth nearly $40 billion from Circle K parent Alimentation Couche-Tard, prompting the Canadian firm reportedly to sweeten its bid by 20 percent.

Seven & I then said in November that it was studying a counter-offer from the company’s founding Ito family that reportedly was worth around eight trillion yen ($50 billion).

Source: THEPENINSULAQATAR