Business
Loblaw Companies Limited Obtains Approval from Competition Bureau and Sets Closing Date for Acquisition of Shoppers Drug Mart Corporation
Acquisition Will Strengthen Loblaw and Shoppers Drug Mart in Competitive Marketplace and D...
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[{"type":"text","content":"\n\n\nAcquisition Will Strengthen Loblaw and Shoppers Drug Mart in Competitive\n Marketplace and Deliver More Choice, Value and Convenience to Help\n Canadians Live Life Well \n\n\n\nComplementary offerings of Canada's #1 food retailer and Canada's #1\n pharmacy and beauty retailer\n\n\nConvenient retail locations and unmatched store formats to reach more\n Canadians where they live and work\n\n\nCanada's leading private label brands\n\n\nBusiness and synergy plans unchanged\n\n\n\nBRAMPTON AND TORONTO, ON, March 21, 2014 /CNW/ - Loblaw Companies\n Limited (TSX: L) (\"Loblaw\") and Shoppers Drug Mart Corporation (TSX:\n SC) (\"Shoppers Drug Mart\") today announced that the Competition Bureau\n has approved Loblaw's acquisition of Shoppers Drug Mart. Loblaw and\n Shoppers Drug Mart also announced that the acquisition is expected to\n close March 28, 2014.\n\n\n\"We are pleased the Competition Bureau has concluded its review of this\n transaction, and to have its consent to bring these two great Canadian\n companies together,\" said Galen G. Weston, Executive Chairman of\n Loblaw. \"This merger uniquely positions Loblaw to meet the most\n important consumer trends in the country, including urbanization and\n health and wellness. In doing so, we will continue to deliver more\n choice, more value, and more convenience to Canadians.\"\n\n\nAs part of its agreement with the Competition Bureau, Loblaw will sell\n 18 stores and nine pharmacy operations. Loblaw does not anticipate any\n store closures as a result of these divestitures. Throughout the sale\n process, customers can expect the same trusted and quality in-store\n experience in the impacted stores.\n\n\nIn the course of its review of the acquisition, the Competition Bureau\n expressed potential concerns about certain Loblaw supplier practices.\n The Company will cooperate with the Competition Bureau in its continued\n review of these practices. Loblaw is committed to supplier practices\n that meet the Bureau's objectives of maintaining competitive markets.\n\n\nFor a complete list of stores and pharmacy operations to be sold, please\n see below:\n\n\n\n\n\n\n\nStores to be Divested\n\n\n\n\nCity, Province\n\n\nStore\n\n\n\n\nSechelt, BC\n\n\nShoppers Drug Mart Trail Bay Mall, 5740 Teredo Street\n\n\n\n\nDevon, AB\n\n\nShoppers Drug Mart Southport Comm...