A&P said Monday that it has completed the sale of its shares in Metro Inc., generating proceeds of about $347 million, to be put toward its impending purchase of Pathmark.
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MONTVALE, N.J. — A&P here said Monday that it has completed the sale of its shares in Metro Inc., generating proceeds of about $347 million, to be put toward its impending purchase of Pathmark. Metro acquired approximately 1.5 million of the 11.7 million shares that A&P sold, the companies said. Stock in Metro traded up more than 5% Monday after the news. A&P became a 15% owner of Metro as the result of its deal to sell its stores in Canada to the Montreal retailer in 2005 but has since sold all of those shares.
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