MONTREAL, Nov. 26 /CNW/ - METRO Inc. was advised that The Great Atlantic
& Pacific Tea Company ("A&P US") confirmed the sale of all of its 11,726,645
METRO shares. The sale of the METRO shares by A&P US is made in connection
with financing of the acquisition of Pathmark Stores, Inc. by A&P US, which
was previously announced.
METRO exercised the option to buy shares which was granted to it by A&P
US. METRO will buy 1.5 million of the METRO shares sold by A&P US, which
represents approximately 1.3% of all Class A Subordinate Voting Shares of
METRO currently outstanding. The shares purchased by METRO will be cancelled
and will be counted against the 4 million Class A Subordinate Voting Shares
that METRO is authorized to purchase under the terms of its current normal
course issuer bid program.
The transaction is scheduled to close on November 29, 2007. The investor
agreement dated August 15, 2005, between METRO and A&P US will also terminate
on that date.
With annual sales of nearly $11 billion and over 65,000 employees,
METRO INC. is a leader in the food and pharmacy market segments in both Quebec
and Ontario where it operates a network of close to 600 supermarkets under
METRO, METRO Plus, Super C, A&P, Dominion, Loeb and Food Basics banners as
well as over 250 pharmacies under the Brunet, Clini Plus, The Pharmacy and
Drug Basics banners.
METRO INC.'s corporate information and press release are available on the
Internet at the following address: www.metro.ca
For further information:
For further information: Richard Dufresne, Senior Vice-President and
Chief Financial Officer, Tel.: (514) 643-1003; Investor Relations Departement:
Tel.: (514) 643-1055, E-Mail: email@example.com