Canadian retailer Alimentation Couche-Tard withdrew its $47-billion takeover offer for Japan's Seven & i Holdings , blaming a lack of constructive engagement by the Japanese retailer.

Canadian retail chain Alimentation Couche-Tard is dropping its proposal to acquire Seven & i Holdings Co_, the Japanese operator of the 7-Eleven convenience store chain, citing frustration in ongoing negotiations that showed what it called “a lack of constructive engagement.

Alimentation Couche-Tard Inc. ended its pursuit of Japan’s Seven & i Holdings Co., with the Canadian retailer’s ambitions giving way to mounting pressures in its own business and a protracted share slump.