Jean Coutu to Sell Rite Aid Stake

CAMP HILL, Pa. — Canadian drug chain Jean Coutu Group is planning to sell its remaining ownership stake in American counterpart Rite Aid here, Jean Coutu told federal regulators Wednesday.

CONNECT WITH SN ON TWITTER

Follow @SN_News for updates throughout the day.

Jean Coutu, based in Longueuil, Quebec, filed to sell 65.4 million shares with a value of $183 million. The Rite Aid stake was initially acquired as part of Rite Aid’s acquisition of Jean Coutu’s Eckerd and Brooks drug chains in 2007.

The decision to sell raised some speculation in Canadian press that Coutu would look to make a domestic transaction in the wake of Loblaw’s recently announced acquisition of its largest Canadian drug competitor, Shoppers Drug Mart.

Rite Aid shares were down slightly Wednesday.