The country’s second largest convenience store chain Lawson has shelved plans to acquire rival am/pm. Lawson said it could not reach an agreement with the US-based competitor.

The proposed acquisition would have cost the 9,500-store retailer ¥14.5bn (£97m). As part of the deal, am/pm wanted the majority of its 1,100 stores to continue to use its brand name but Lawson refused.

The deal would have closed the gap between Lawson and market leader 7-Eleven.

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