The Japanese owner of 7-Eleven said Monday it had agreed to jointly explore store sell-offs with a Canadian rival to address antitrust concerns ahead of a potential merger.

It comes just days after Seven & i -- which for two decades has wholly owned 7-Eleven, the world's biggest convenience store brand -- announced measures including a huge share buyback to fend off a takeover from Canada's Alimentation Couche-Tard (ACT).

Seven & i last year rebuffed ACT's initial buyout offer worth nearly $40 billion, saying it had "grossly" undervalued its business and could face regulatory hurdles.

It would be the biggest foreign takeover of a Japanese firm -- merging the 7-Eleven, Circle K and other franchises to create........

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