Canada's Loblaw Puts Up $12B For Shoppers Drug Mart

Law360, New York (July 15, 2013, 12:03 PM EDT) -- Canadian grocery giant Loblaw Cos. Ltd. said Monday that it will fork over CA$12.4 billion (US$11.9 billion) to buy up Shoppers Drug Mart's outstanding shares, a deal the companies say tackles the small-urban store sector and fosters significant cash flow for future growth.

The companies expect the acquisition to provide a leg up in the Canadian “retail landscape,” bringing the companies' combined presence in the country to 2,348 stores and 1,797 pharmacies, Loblaw said in a statement Monday. By upping locations and expanding available brands in...
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