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 “a lack of constructive engagement.

Alimentation Couche-Tard (ACT) said Wednesday it has withdrawn its $47-billion offer for the owner of 7-Eleven, ending a months-long saga to acquire the Japanese giant. The Canadian company made an offer last year of nearly $40 billion to create the world’s biggest convenience store chain and then sweetened the bid to $47 billion after the Japanese firm rebuffed the approach.

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.