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Japanese companies cannot use the national security designation to block their takeover by foreign firms, a senior official at Japan’s finance ministry said on Thursday, denying that the Trade Act could be manipulated for protectionist purposes. In recent weeks, there have been reports in Japan that retail giant Seven & i Holdings is seeking to be classified as “critical to national security” under Japan’s Foreign Trade Act to fend off a takeover by Canadian firm Alimentation Couche-Tard.
The ministry official quoted by the Japanese press clarified, however, that the designation of “crucial” interest would not change the government’s security review process in the event of foreign offers to acquire companies that are significant for the country’s economy and security. Seven & i, with a market value of 38 billion dollars, is already included in the list of significant companies of the Japanese Ministry of Finance.
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