KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Seven & i Holdings, the Japanese retail giant and operator of 7-Eleven, has rejected a $38.5 billion cash offer from Canada's Alimentation Couche-Tard, citing concerns about shareholder interests and potential antitrust challenges in the US. The proposal would have marked the largest foreign buyout of a Japanese company to date. Key Takeaways: Rejection Due to Shareholder and Regulatory Concerns : Seven & i turned down Couche-Tard's offer, stating it was not in the best interests of its shareholders and would likely face significant antitrust hurdles in the US. The company emphasized that the proposal undervalued its intrinsic worth and did not adequately address the regulatory challenges posed by the potential merger, which would create the largest convenience store operator in the US by a wide margin. Potential for Further Negotiation : While Seven & i expressed its willingness to consider future proposals, it insisted that any offer must significantly increase in...