Tard's attempt to create a global convenience store behemoth was set back when it pulled its $46 billion bid for Seven & i , whose consumers in Japan have emotional ties to their purveyor of rice balls.

Seven & i Holdings Co. Ltd. (7&i ) responded publicly early this morning to the letter Alimentation Couche-Tard Inc. (ACT) sent to Seven & i’s board of directors late Wednesday withdrawing its proposal to acquire the parent of the 7-Eleven convenience-store chain due to a lack of constructive engagement by Seven & i.

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.Shares of Couche-Tard soared as much as 18.5% in early trading Thursday,

Strange things are afoot at Circle K. The potential creation of a new convenience store powerhouse has fizzled out, as cultural and financial disagreements proved too difficult to overcome.

After a year of negotiations, the deal between Alimentation Couche-Tard and the Japanese owner of the 7-Eleven convenience store chain is no more.

Alimentation Couche Tard Inc. closed 19.4% short of its 52-week high of C$85.53, which the company reached on July 31st.