Tard's attempt to create a global convenience store behemoth was set back when it pulled its $46 billion bid for Seven & i , whose consumers in Japan have emotional ties to their purveyor of rice balls.

Tard Inc. ended its pursuit of Japan’s Seven & i Holdings Co., with the Canadian retailer’s ambitions giving way to mounting pressures in its own business.Shares of Couche-Tard soared as much as 18.5% in early trading Thursday,

Canada’s Alimentation Couche-Tard has withdrawn its record-breaking $50bn proposal to acquire Japan’s Seven & i Holdings, bringing an end to its year-long campaign to pull the 7-Eleven owner to the negotiating table on friendly terms.

Seven & i Holdings Co. Ltd. (7&i ) responded publicly early this morning to the letter Alimentation Couche-Tard Inc. (ACT) sent to Seven & i’s board of directors late Wednesday withdrawing its proposal to acquire the parent of the 7-Eleven convenience-store chain due to a lack of constructive engagement by Seven & i.

Couche-Tard's acquisition failure is seen as running counter to the broader trend in the investing landscape in Japan.

After a year of negotiations, the deal between Alimentation Couche-Tard and the Japanese owner of the 7-Eleven convenience store chain is no more.

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