Japan's Seven & i (OTCPK:SVNDY) on Thursday unveiled plans to establish an intermediate holding company that will preside over the retailer's supermarket food business, specialty store and other businesses,

Seven & i Holdings is exploring establishing an intermediate holding company for its supermarket, restaurant arms and non-core assets to attract external investment and focus on its convenience store operations,

Japan's Seven & i Holdings will set up a holding company for its non-core assets to bring in outside investment and is planning to change its name, the retailer said on Thursday. The announcement marks an acceleration in its plans to boost corporate value and focus on its core convenience store business in part to resist a takeover bid by Canada's Alimentation Couche-Tard (ACT).