Couche-Tard makes takeover offer for Polish retailer Żabka

On 31 July 2026 Canadian Circle K parent Alimentation Couche-Tard announced it would acquire all shares in Polish convenience market leader Żabka through a voluntary tender offer by its subsidiary Circle K Polska, at PLN 32.00 ($8.48) per share — an equity value of around PLN 32.62bn (about $8.6bn). It would be the largest acquisition in the group's history. Shareholders representing about 57% in aggregate — including CVC Capital Partners and Partners Group — have given hard irrevocable undertakings to tender. Żabka operates more than 13,000 stores in Poland and Romania and has been listed on the Warsaw Stock Exchange since October 2024. The transaction is funded through fully committed debt facilities (lead arranger J.P. Morgan); the offer document still has to be reviewed by Poland's financial supervisor KNF, and completion is expected no later than December 2026. The move follows the participation talks with Seven & i Holdings that ended without result on 25 July 2026 (see the entry dated 17 July 2026). Update (26 Aug 2026): Following the KNF review, Couche-Tard launched the offer at an unchanged PLN 32 per share; the subscription period ran from 27 Aug to 25 Sep 2026, valuing Żabka at around PLN 32.6bn (Reuters via Euronext, 26 Aug 2026). Update (17.09.2026): The subscription period has been extended to 26.10.2026 with the price unchanged at PLN 32 per share; the transaction is now scheduled for 29.10.2026 and settlement for 03.11.2026 (Bankier.pl, 17.09.2026). Update (16.10.2026): The subscription period has been extended a second time, now to 02.12.2026, with the price unchanged at PLN 32 per share; the transaction is now scheduled for 07.12 and settlement for 10.12.2026 (Bankier.pl, 16.10.2026).