in

Loblaw and George Weston to buy shares from Weston family

Loblaw and George Weston to buy shares from Weston family

Galen Weston speaks during the Loblaw annual general meeting in Toronto on May 3, 2018.

Nathan Denette/The Canadian Press

The Weston family says it is selling some of its shares to George Weston Ltd. and Loblaw Companies Ltd. in an internal reorganization.

The sale by Galen Weston will leave him as controlling shareholder of bakery and real estate company George Weston Ltd., with 52.8 per cent of the outstanding shares.

The companies say after the deal, George Weston Ltd. will have 52.6 per cent of the outstanding shares of the Loblaw grocery store and drug store company.

Story continues below advertisement

The deal, which is technically with an entity owned by Galen Weston, gives the two companies a 97 per cent discount on the average purchase price of the shares.

The companies say Galen Weston has no plans to sell any additional shares outside the Weston family.

The announcement says the shares will change hands after the markets close on Dec. 21.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Published at Fri, 18 Dec 2020 13:22:11 +0000

What do you think?

Written by Riel Roussopoulos

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Covid: Boris Johnson ‘hoping to avoid’ national lockdown

Must Watch Funny 😂😂 Video 2020 Comedy Video 2020 Episode-61 try to not lough By Bindas fun bd