Loblaw Companies Limited Obtains Approval from Competition Bureau and Sets Closing Date for Acquisition of Shoppers Drug Mart Corporation

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Acquisition Will Strengthen Loblaw and Shoppers Drug Mart in Competitive Marketplace and Deliver More Choice, Value and Convenience to Help Canadians Live Life Well Complementary offerings of Canada's #1 food retailer and Canada's #1 pharmacy and beauty retailer Convenient retail locations and unmatched store formats to reach more Canadians where they live and work Canada's leading private label brands Business and synergy plans unchanged BRAMPTON AND TORONTO, ON, March 21, 2014 /CNW/ - Loblaw Companies Limited (TSX: L) ("Loblaw") and Shoppers Drug Mart Corporation (TSX: SC) ("Shoppers Drug Mart") today announced that the Competition Bureau has approved Loblaw's acquisition of Shoppers Drug Mart. Loblaw and Shoppers Drug Mart also announced that the acquisition is expected to close March 28, 2014. "We are pleased the Competition Bureau has concluded its review of this transaction, and to have its consent to bring these two great Canadian companies together," said Galen G. Weston, Executive Chairman of Loblaw. "This merger uniquely positions Loblaw to meet the most important consumer trends in the country, including urbanization and health and wellness. In doing so, we will continue to deliver more choice, more value, and more convenience to Canadians." As part of its agreement with the Competition Bureau, Loblaw will sell 18 stores and nine pharmacy operations. Loblaw does not anticipate any store closures as a result of these divestitures. Throughout the sale process, customers can expect the same trusted and quality in-store experience in the impacted stores. In the course of its review of the acquisition, the Competition Bureau expressed potential concerns about certain Loblaw supplier practices. The Company will cooperate with the Competition Bureau in its continued review of these practices. Loblaw is committed to supplier practices that meet the Bureau's objectives of maintaining competitive markets. For a complete list of stores and pharmacy operations to be sold, please see below: Stores to be Divested City, Province Store Sechelt, BC Shoppers Drug Mart Trail Bay Mall, 5740 Teredo Street Devon, AB Shoppers Drug Mart Southport Common, 180 Miquelon Avenue Innisfail, AB Shoppers Drug Mart Henday Centre, 4804 50th Street Westlock, AB Shoppers Drug Mart Simply Pharmacy, 10030 106 Street Aylmer, ON Shoppers Drug Mart Aylmer, 6 T...

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