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Sobeys Must Divest 23 Stores: Regulators
OTTAWA — Sobeys must sell 23 stores to remedy competition issues related to its acquisition of Safeway Canada, Canada’s Competition Bureau here said Tuesday.
October 23, 2013
1 Min Read
OTTAWA — Sobeys must sell 23 stores to remedy competition issues related to its acquisition of Safeway Canada, Canada’s Competition Bureau here said Tuesday.
Follow @SN_News for updates throughout the day.
Sobeys, Stellarton, Nova Scotia, said it was seeking to sell 10 Sobeys stores and 13 Safeway units as part of the agreement. The divestitures would clear the final hurdle hurdle to the $5.8 billion deal for Safeway’s 233 stores in Canada, announced by Sobeys and Pleasanton, Calif.-based Safeway in June.
Stores to be divested are located in the provinces of Alberta, British Columbia, Saskatchewan and Manitoba, and include five in Winnipeg and four in Edmonton.
Read more: Sobeys Sale-Leaseback Funds Safeway Buy
"I am confident this agreement will ensure that Canadian consumers continue to benefit from competitive prices for a wide selection of grocery products," John Pecman, commissioner of competition, said in a statement. "I commend the parties for their stellar cooperation with the Bureau throughout our review of the proposed transaction."
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