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