{"id":2447976,"date":"2025-03-06T01:38:34","date_gmt":"2025-03-06T01:38:34","guid":{"rendered":"https:\/\/www.wacoca.com\/news\/2447976\/"},"modified":"2025-03-06T01:38:34","modified_gmt":"2025-03-06T01:38:34","slug":"%e3%82%b3%e3%83%a9%e3%83%a0%ef%bc%9a%e3%82%bb%e3%83%96%e3%83%b3%e3%80%81%e6%9c%ac%e6%9d%a5%e3%81%ae%e4%bc%81%e6%a5%ad%e4%be%a1%e5%80%a4%e3%81%ab%e3%81%af%e3%82%ab%e3%83%8a%e3%83%80%e7%a4%be%e3%81%ae","status":"publish","type":"post","link":"https:\/\/www.wacoca.com\/news\/2447976\/","title":{"rendered":"\u30b3\u30e9\u30e0\uff1a\u30bb\u30d6\u30f3\u3001\u672c\u6765\u306e\u4f01\u696d\u4fa1\u5024\u306b\u306f\u30ab\u30ca\u30c0\u793e\u306e\u8cb7\u53ce\u5fc5\u9808 | \u30ed\u30a4\u30bf\u30fc"},"content":{"rendered":"

\"コラム：セブン、本来の企業価値にはカナダ社の買収必須\"\/<\/p>\n

\u30b3\u30f3\u30d3\u30cb\u4e8b\u696d\u3092\u4e2d\u6838\u3068\u3059\u308b\u65e5\u672c\u306e\u6d41\u901a\u6700\u5927\u624b\u30b0\u30eb\u30fc\u30d7\u3001\u30bb\u30d6\u30f3\uff06\u30a2\u30a4\u30fb\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\uff08\uff28\uff24\uff09\u306b\u3068\u3063\u3066\u6b21\u306e\u4e00\u624b\u306f\u4f55\u304b\u3002\u6700\u826f\u306e\u6307\u91dd\u306f\uff13\u6708\uff14\u65e5\u306e\u682a\u4fa1\u6025\u843d\u306e\u4e2d\u306b\u898b\u3048\u3066\u3044\u308b\u3002\uff12\uff10\uff12\uff14\u5e74\uff18\u6708\u3001\u90fd\u5185\u3067\u64ae\u5f71\uff08\uff12\uff10\uff12\uff15\u5e74\u3000\u30ed\u30a4\u30bf\u30fc\/Kim Kyung-Hoon\uff09<\/p>\n

\uff3b\u9999\u6e2f\u3000\uff14\u65e5\u3000\u30ed\u30a4\u30bf\u30fc\u3000Breakingviews\uff3d – \u30b3\u30f3\u30d3\u30cb\u4e8b\u696d\u3092\u4e2d\u6838\u3068\u3059\u308b\u65e5\u672c\u306e\u6d41\u901a\u6700\u5927\u624b\u30b0\u30eb\u30fc\u30d7\u3001\u30bb\u30d6\u30f3\uff06\u30a2\u30a4\u30fb\u30db\u30fc\u30eb\u30c7\u30a3\u30f3\u30b0\u30b9\uff08\uff28\uff24\uff09(3382.T), opens new tab\u306b\u3068\u3063\u3066\u6b21\u306e\u4e00\u624b\u306f\u4f55\u304b\u3002\u6700\u826f\u306e\u6307\u91dd\u306f\uff14\u65e5\u306e\u682a\u4fa1\u6025\u843d\u306e\u4e2d\u306b\u898b\u3048\u3066\u3044\u308b\u3002\u30ab\u30ca\u30c0\u306e\u5c0f\u58f2\u5927\u624b\u30a2\u30ea\u30de\u30f3\u30bf\u30b7\u30e7\u30f3\u30fb\u30af\u30b7\u30e5\u30bf\u30fc\u30eb\uff08\uff21\uff23\uff34\uff09(ATD.TO), opens new tab\u306b\u3088\u308b\uff14\uff17\uff10\u5104\u30c9\u30eb\u306e\u8cb7\u53ce\u63d0\u6848\u3092\u5de1\u3063\u3066\u8aad\u58f2\u65b0\u805e\u304c\u30bb\u30d6\u30f3\uff28\uff24\u306e\u62d2\u5426\u65b9\u91dd\u3092\u5831\u3058\u3001\u682a\u4fa1\u6025\u843d\u306b\u3064\u306a\u304c\u3063\u305f\u3002\u8a18\u4e8b\u306b\u60c5\u5831\u6e90\u306f\u66f8\u304b\u308c\u3066\u3044\u306a\u304b\u3063\u305f\u3082\u306e\u306e\u3001\u30bb\u30d6\u30f3\uff28\uff24\u306f\u8cb7\u53ce\u3055\u308c\u306a\u3051\u308c\u3070\u672c\u6765\u306e\u4f01\u696d\u4fa1\u5024\u3092\u5bb9\u6613\u306b\u5f15\u304d\u51fa\u305b\u306a\u3044\u3053\u3068\u304c\u6d6e\u304d\u5f6b\u308a\u306b\u306a\u3063\u305f\u3002<\/p>\n

\u6295\u8cc7\u5bb6\u306f\u30bb\u30d6\u30f3\uff28\uff24\u304c\u81ea\u529b\u3067\u53ce\u76ca\u6027\u3092\u6539\u5584\u3067\u304d\u308b\u3068\u4fe1\u3058\u3066\u3044\u306a\u3044\u3002\u8db3\u5143\u306e\u682a\u4fa1\u306f\u8cb7\u53ce\u63d0\u6848\u524d\u306e\u5b89\u5b9a\u6c34\u6e96\u3088\u308a\u308f\u305a\u304b\uff11\uff10\uff05\u9ad8\u3044\u3060\u3051\u3067\u3001\u73fe\u5728\u306e\u70ba\u66ff\u30ec\u30fc\u30c8\u306b\u57fa\u3065\u304f\uff21\uff23\uff34\u306e\u8cb7\u53ce\u63d0\u6848\u984d\uff08\uff11\u682a\u5f53\u305f\u308a\uff12\uff17\uff11\uff11\u5186\uff09\u3092\uff12\uff16\uff05\u4e0b\u56de\u308b\u3002\u3055\u3089\u306b\u3001\u30bb\u30d6\u30f3\uff28\uff24\u304c\u793e\u9577\u3092\u4e95\u962a\u9686\u4e00\u6c0f\u304b\u3089\u30b9\u30c6\u30a3\u30fc\u30d6\u30f3\u30fb\u30c7\u30a4\u30ab\u30b9\u6c0f\u306b\u4ea4\u4ee3\u3055\u305b\u308b\u9996\u8133\u4eba\u4e8b\u65b9\u91dd\u304c\u5831\u3058\u3089\u308c\u305f\u969b\u3082\u682a\u4fa1\u306e\u4e0a\u5024\u306f\u91cd\u304b\u3063\u305f\u3002<\/p>\n

\u3053\u3046\u3057\u305f\u80cc\u666f\u306b\u306f\u3001\u540c\u793e\u3092\u5de1\u308b\u904e\u53bb\u306e\u7d4c\u7def\u304b\u3089\u5e02\u5834\u95a2\u4fc2\u8005\u304c\u81ea\u524d\u4e3b\u7fa9\u306e\u53ce\u76ca\u6027\u6539\u5584\u306b\u61d0\u7591\u7684\u306b\u306a\u3089\u3056\u308b\u3092\u5f97\u306a\u3044\u3053\u3068\u304c\u3042\u308b\u3002<\/p>\n

\u9ed2\u5b57\u7d4c\u55b6\u306e\u30b3\u30f3\u30d3\u30cb\u90e8\u9580\u3092\u7387\u3044\u3066\u3044\u305f\u4e95\u962a\u6c0f\u306f\u30bb\u30d6\u30f3\uff28\uff24\u306e\u7d4c\u55b6\u306e\u8235\u53d6\u308a\u3092\u8a17\u3055\u308c\u305f\uff12\uff10\uff11\uff16\u5e74\u3001\u30b0\u30eb\u30fc\u30d7\u5098\u4e0b\u306e\u8d64\u5b57\u4e8b\u696d\u58f2\u5374\u3092\u6c42\u3081\u308b\u7c73\u56fd\u306e\u7269\u8a00\u3046\u682a\u4e3b\uff08\u30a2\u30af\u30c6\u30a3\u30d3\u30b9\u30c8\uff09\u306e\u30c0\u30cb\u30a8\u30eb\u30fb\u30ed\u30fc\u30d6\u6c0f\u306e\u652f\u6301\u3092\u5f97\u3066\u3044\u305f\u3002<\/p>\n

\u3057\u304b\u3057\u3001\u4e95\u962a\u6c0f\u306e\u524d\u4efb\u8005\u3067\u3042\u308b\u9234\u6728\u654f\u6587\u6c0f\u304c\u300c\u540d\u8a89\u9867\u554f\u300d\u306b\u5c31\u4efb\u3057\u305f\u3002\u65e5\u672c\u3067\u306f\u4e00\u822c\u7684\u306a\u6163\u884c\u3060\u304c\u3001\u5927\u898f\u6a21\u306a\u7d4c\u55b6\u6539\u9769\u3092\u65ad\u884c\u3059\u308b\u4f59\u5730\u3092\u72ed\u3081\u304b\u306d\u306a\u3044\u3002<\/p>\n

\u4e95\u962a\u6c0f\u304c\u793e\u9577\u306b\u5c31\u4efb\u3057\u3066\u304b\u3089\uff21\uff23\uff34\u304c\u6700\u521d\u306e\u8cb7\u53ce\u63d0\u6848\u3092\u51fa\u3059\u307e\u3067\u306e\u671f\u9593\u3001\u6771\u8a3c\u682a\u4fa1\u6307\u6570\uff08\uff34\uff2f\uff30\uff29\uff38\uff09(.TOPX), opens new tab\u304c\uff17\uff11\uff05\u4e0a\u6607\u3057\u305f\u306e\u306b\u5bfe\u3057\u3001\u30bb\u30d6\u30f3\uff28\uff24\u682a\u306e\u4e0a\u6607\u7387\u306f\uff11\uff11\uff05\u306b\u3068\u3069\u307e\u3063\u3066\u3044\u305f\u3002\u3060\u304b\u3089\u3053\u305d\u3001\u5404\u7a2e\u5831\u9053\u3067\u4e95\u962a\u6c0f\u304c\u300c\u7279\u5225\u9867\u554f\u300d\u3068\u3057\u3066\u7559\u307e\u308b\u53ef\u80fd\u6027\u304c\u4f1d\u3048\u3089\u308c\u308b\u3068\u3001\u5e02\u5834\u3067\u306f\u5f8c\u4efb\u793e\u9577\u304c\u3069\u3053\u307e\u3067\u6539\u9769\u3092\u9032\u3081\u3089\u308c\u308b\u306e\u304b\u3068\u3044\u3046\u7591\u5ff5\u304c\u6e67\u304d\u4e0a\u304c\u3063\u305f\u3002\u30c7\u30a4\u30ab\u30b9\u6c0f\u306f\u304b\u3064\u3066\u7c73\u5c0f\u58f2\u308a\u5927\u624b\u30a6\u30a9\u30eb\u30de\u30fc\u30c8(WMT.N), opens new tab\u7d4c\u55b6\u9663\u306e\uff11\u4eba\u3002\uff21\uff23\uff34\u304b\u3089\u8cb7\u53ce\u63d0\u6848\u3092\u53d7\u3051\u305f\u5f53\u521d\u306f\u5f37\u786c\u306a\u59ff\u52e2\u3067\u81e8\u307f\u3001\u4ea4\u6e09\u3092\u5de7\u307f\u306b\u9032\u3081\u305f\u3002\u8cb7\u53ce\u63d0\u6848\u984d\u306e\u5f15\u304d\u4e0a\u3052\u3092\u8feb\u3063\u305f\u304c\u3001\u305d\u306e\u5f8c\u306e\u4ea4\u6e09\u306f\u9032\u5c55\u304c\u306a\u3044\u3002<\/p>\n

\u3042\u308b\u3079\u304d\u76ee\u6a19\u306f\u3001\u73fe\u5728\u306e\u7c73\u30c9\u30eb\u5efa\u3066\u306e\u63d0\u6848\u3067\u306f\u306a\u304f\u3001\u5186\u5efa\u3066\u306e\u672c\u683c\u7684\u306a\u8cb7\u53ce\u63d0\u6848\u3092\uff21\uff23\uff34\u306b\u6c42\u3081\u308b\u3053\u3068\u3060\u3002\u307e\u305f\u3001Breakingviews\u306e\u8a08\u7b97\u3067\u306f\u3001\u30bb\u30d6\u30f3\uff28\uff24\u306e\u5404\u4e8b\u696d\u3092\u500b\u5225\u306b\u58f2\u5374\u3057\u305f\u5834\u5408\u306b\u5f97\u3089\u308c\u308b\u7dcf\u984d\u304b\u3089\u7b97\u51fa\u3057\u305f\uff11\u682a\u5f53\u305f\u308a\u306e\u7406\u8ad6\u682a\u4fa1\uff08\u89e3\u6563\u4fa1\u5024\uff09\u304c\u7d04\uff13\uff15\uff10\uff10\u5186\u306b\u4e0a\u308b\u3002\uff21\uff23\uff34\u304b\u3089\u3001\u3053\u306e\u6c34\u6e96\u306b\u8fd1\u3044\u8cb7\u53ce\u63d0\u6848\u3092\u5f15\u304d\u51fa\u3059\u3053\u3068\u3082\u76ee\u6a19\u3068\u3059\u308b\u3079\u304d\u3060\u3002<\/p>\n

\uff21\uff23\uff34\u306b\u3088\u308b\u8cb7\u53ce\u63d0\u6848\u304b\u3089\u65e2\u306b\uff16\u30ab\u6708\u304c\u7d4c\u904e\u3057\u305f\u3002\u5148\u9031\u306f\u5275\u696d\u5bb6\u306e\u4f0a\u85e4\u5bb6\u306b\u3088\u308b\u682a\u5f0f\u306e\u975e\u516c\u958b\u5316\u8a08\u753b\u3082\u9813\u632b\u3057\u3001\u8cb7\u53ce\u7af6\u4e89\u304b\u3089\u7dca\u5f35\u611f\u304c\u6d88\u3048\u305f\u3002\u4eee\u306b\u6b21\u671f\u793e\u9577\u304c\u304b\u3064\u3066\u306e\u76f4\u5c5e\u306e\u4e0a\u53f8\u306e\u5f71\u97ff\u3092\u6392\u9664\u3057\u3001\u7d4c\u55b6\u6226\u7565\u3092\u5168\u9762\u7684\u306b\u898b\u76f4\u3057\u305f\u3068\u3057\u3066\u3082\u3001\u4e8b\u696d\u306e\u7acb\u3066\u76f4\u3057\u306f\u56f0\u96e3\u3060\u3002\u30bb\u30d6\u30f3\uff28\uff24\u306e\u4f01\u696d\u4fa1\u5024\u306f\u591a\u304f\u304c\u5317\u7c73\u5e02\u5834\u306b\u4f9d\u62e0\u3057\u3066\u304a\u308a\u3001\uff21\uff23\uff34\u306e\u5317\u7c73\u4e8b\u696d\u306e\u5229\u76ca\u7387\u306f\u30bb\u30d6\u30f3\uff28\uff24\u3088\u308a\u9ad8\u3044\u3002\u30bb\u30d6\u30f3\uff28\uff24\u682a\u4e3b\u3068\u904e\u53bb\u306e\u7d4c\u7def\u3092\u8003\u3048\u308c\u3070\u3001\u81ea\u529b\u518d\u751f\u3088\u308a\u3082\u8cb7\u53ce\u306b\u8ecd\u914d\u304c\u4e0a\u304c\u308b\u3002<\/p>\n

\u25cf\u80cc\u666f\u3068\u306a\u308b\u30cb\u30e5\u30fc\u30b9 \u3000<\/p>\n

\uff0a\u30bb\u30d6\u30f3\uff28\uff24\u306e\u682a\u4fa1\u304c\uff14\u65e5\u3001\uff11\uff10\uff05\u4e0b\u843d\u3057\u305f\u3002\u8aad\u58f2\u65b0\u805e\u304c\uff21\uff23\uff34\u306b\u3088\u308b\uff14\uff17\uff10\u5104\u30c9\u30eb\u306e\u8cb7\u53ce\u63d0\u6848\u3092\u5de1\u308a\u3001\u62d2\u5426\u3092\u5ff5\u982d\u306b\u691c\u8a0e\u3057\u3066\u3044\u308b\u3068\u5831\u3058\u305f\u3053\u3068\u304c\u8981\u56e0\u3002\u8a18\u4e8b\u306b\u60c5\u5831\u6e90\u306f\u5f15\u7528\u3055\u308c\u3066\u3044\u306a\u304b\u3063\u305f\u3002<\/p>\n

\uff0a\uff13\u65e5\u306e\u540c\u793e\u682a\u306f\uff11\uff05\u5024\u3092\u4e0a\u3052\u3066\u3044\u305f\u3002\u30b9\u30c6\u30a3\u30fc\u30d6\u30f3\u30fb\u30c7\u30a4\u30ab\u30b9\u6c0f\u3092\u65b0\u3057\u3044\u793e\u9577\u3068\u3057\u3066\u8fce\u3048\u3001\u4e95\u962a\u9686\u4e00\u6c0f\u3068\u4ea4\u4ee3\u3055\u305b\u308b\u898b\u8fbc\u307f\u3060\u3068\u8907\u6570\u30e1\u30c7\u30a3\u30a2\u304c\u5831\u3058\u305f\u3053\u3068\u304c\u6750\u6599\u8996\u3055\u308c\u305f\u3002\u30c7\u30a4\u30ab\u30b9\u6c0f\u306f\u7b46\u982d\u72ec\u7acb\u53d6\u7de0\u5f79\u3067\u8cb7\u53ce\u63d0\u6848\u3092\u7cbe\u67fb\u3059\u308b\u7279\u5225\u59d4\u54e1\u4f1a\u306e\u59d4\u54e1\u9577\u3092\u52d9\u3081\u3066\u3044\u308b\u3002<\/p>\n

\uff0a\u540c\u793e\u682a\u306f\uff12\uff10\uff10\uff10\u5186\u8fd1\u8fba\u3067\u58f2\u8cb7\u3055\u308c\u3066\u3044\u308b\u3002\uff21\uff23\uff34\u304c\u8cb7\u53ce\u3092\u63d0\u6848\u3059\u308b\u6628\u5e74\uff18\u6708\uff11\uff16\u65e5\u4ee5\u524d\u306e\uff11\uff17\uff16\uff11\u5186\u3088\u308a\u3082\u9ad8\u3044\u6c34\u6e96\u3002<\/p>\n

\uff08\u7b46\u8005\u306f\u300cReuters Breakingviews\u300d\u306e\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u3067\u3059\u3002\u672c\u30b3\u30e9\u30e0\u306f\u7b46\u8005\u306e\u500b\u4eba\u7684\u898b\u89e3\u306b\u57fa\u3065\u3044\u3066\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\uff09<\/p>\n

\u79c1\u305f\u3061\u306e\u884c\u52d5\u898f\u7bc4\uff1a\u30c8\u30e0\u30bd\u30f3\u30fb\u30ed\u30a4\u30bf\u30fc\u300c\u4fe1\u983c\u306e\u539f\u5247\u300d, opens new tab<\/p>\n

\u7b46\u8005\u306f\u300cReuters Breakingviews\u300d\u306e\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u3067\u3059\u3002\u672c\u30b3\u30e9\u30e0\u306f\u7b46\u8005\u306e\u500b\u4eba\u7684\u898b\u89e3\u306b\u57fa\u3065\u3044\u3066\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n

<\/p>\n

Hudson Lockett is the Asia Columnist for Reuters Breakingviews in Hong Kong. Before joining Reuters in 2024, Hudson spent seven years at the Financial Times, most recently serving as the paper\u2019s Asia capital markets correspondent. Prior to this he was editor of China Economic Review in Shanghai. Hudson has degrees in Journalism and Japanese from The University of Texas. He speaks Chinese.<\/p>\n","protected":false},"excerpt":{"rendered":"

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