Alimentation Couche-Tard (ACT) and Japan's Seven & i said they have signed a non-disclosure agreement (NDA) that will give the Canadian company access to the Japanese retailer's financial data as it seeks a $47 billion acquisition.

Canada’s Alimentation Couche-Tard has taken a significant step forward in its bid to buy Seven & i Holdings, after the 7-Eleven owner finally granted it access to the kinds of financial information it had been pushing for.

Alimentation Couche-Tard has signed a non-disclosure agreement with Seven & i Holdings Co. Ltd., advancing takeover talks between the two convenience-store retailers that have been ongoing since August .