Investing.com -- Japan’s Seven & i Holdings is in talks to sell a portion of its stake in Seven Bank to trading firm Itochu. The announcement of the potential deal is expected to be made as early as May 30, according to a report by Nikkei business on Tuesday.

Following the report, Seven Bank’s shares experienced an increase of 9.5%.

The initial discussions between Seven & i and Itochu will revolve around the transfer of approximately 10% stake in Seven Bank. This stake, valued at approximately 30 billion yen ($208 million), is held by supermarket operators Ito-Yokado and York Benimaru, both part of the Seven & i group.

The move is part of Seven & i’s strategy to concentrate on its primary convenience store operations. This decision comes amidst a takeover proposal from Canada’s Alimentation Couche-Tard.

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