Group 1 - Alimentation Couche-Tard (ACT) withdrew its acquisition proposal for Seven & i Holdings (7&i), valued at nearly $47 billion, marking the end of a year-long negotiation that was expected to be the largest retail merger globally by 2025 [1][3] - Following the announcement, 7&i's stock price fell by 9.16% on July 17, marking the largest single-day drop in three months, while ACT's stock surged by 17% [1][3] - ACT cited limited due diligence opportunities and a lack of genuine discussions from 7&i's management and major shareholder, the Ito family, as reasons for the withdrawal [3] Group 2 - The failed acquisition has implications for investment banks like Goldman Sachs and Morgan Stanley, which stand to lose tens of millions to billions in potential commissions [3] - The transaction's collapse highlights the complexities of foreign acquisitions in the Japanese market, despite a significant increase in merger activity in the first half of the year [3] - In response to ongoing poor performance, 7&i has initiated reforms, including appointing a new CEO and planning to sell its supermarket business to Bain Capital for 814.7 billion yen, as well as a potential IPO for its North American 7-Eleven business by 2026 [3]