George Weston Limited announces purchase of additional $500 million in Loblaw Companies Limited common shares used to finance a portion of Loblaw's acquisition of Shoppers Drug Mart Corporation
TORONTO, March 28, 2014 /CNW/ - George Weston Limited (TSX: WN) today announced it has completed its subscription for 10,515,247 Loblaw Companies Limited common shares valued at $500 million as of July 12, 2013. Proceeds from the private placement were used to finance a portion of the cash consideration paid by Loblaw as part of its acquisition of Shoppers Drug Mart Corporation, which was also completed today.
About George Weston Limited
George Weston Limited is a Canadian public company founded in 1882 and constitutes one of North America's largest food processing and distribution groups. George Weston Limited has two reportable operating segments: Weston Foods and Loblaw, which is operated by Loblaw Companies Limited. The Weston Foods operating segment is primarily engaged in the baking industry within North America. Loblaw Companies Limited is Canada's food and pharmacy leader, the nation's largest retailer, and the majority unit holder of Choice Properties Real Estate Investment Trust.
SOURCE: George Weston Limited
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Geoffrey H. Wilson,
Senior Vice President, Investor Relations, Business Intelligence and Communications