7-Eleven is splitting into two companies to avoid a takeover

(CNN) -7-Eleven is splitting into two companies to avoid a takeover.

According to an announcement from the Japan-based owner Thursday, its North American convenience stores will become a separate entity.

The move aims to head off a $47 billion takeover bid by a Canadian firm.

7-Eleven stores in the U.S. and Japan may share a name and logo but there is a significant difference in both products and operations.

The company said its U.S. stores will be better off with more independence.

The operator of 7-Eleven’s North American stores is expected to be listed on the U.S. stock exchange by next year.