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Shares in Japan’s Seven & i Holdings were up as much as 5.2 per cent in Tokyo after the company agreed to a $3.3bn purchase of parts of Sunoco’s convenience store and petrol station business.

The deal is the first since Ryuichi Isaka took over as chief executive in May, promising to revive the group’s fortunes in the face of slower domestic sales. Mr Isaka argued that the acquisition of Sunoco was too hard to turn down despite its cost, as the US remained “a market of large potential”.

On Tuesday the conglomerate also reported a 1 per cent rise in net income to ¥73.55bn ($665m) for the February quarter.

Shares settled back to a 4.8 per cent rise at ¥4,655 in morning trade. Tokyo’s Topix index was up 1.2 per cent by comparison.

Copyright The Financial Times Limited 2018. All rights reserved.

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