Arab Today, arab today safeway to sell canadian business to sobeys
Last Updated : GMT 19:46:39
Arab Today, arab today
Arab Today, arab today

Safeway to sell Canadian business to Sobeys

Arab Today, arab today

Arab Today, arab today Safeway to sell Canadian business to Sobeys

New York - AFP

US supermarket chain Safeway on Wednesday announced the sale of it Canadian operations to Canadian food retailer Sobeys for CAN$5.8 billion ($5.7 billion) in cash. Safeway Inc. said it would use the proceeds from the sale of Canada Safeway Limited to pay down $2.0 billion of debt, with the majority of the remainder to be used to buy back stock. \"Some of the proceeds may be used to invest in growth opportunities,\" the Pleasanton, California-based company said in a statement. Sobeys, a wholly owned subsidiary of Empire Company Ltd. will also assume certain liabilities of the Canadian business, it said. \"The substantial cash proceeds from this transaction will allow us to create value for Safeway stakeholders and contribute to the growth of the ongoing business,\" Robert Edwards, Safeway president and chief executive, said in the statement. In the 12 months ended March 23, Canada Safeway had revenues of CAN$6.7 billion and an adjusted operating profit of CAN$428 million. Paul Sobey, president and CEO of Empire, called the deal a \"historic event\" for the 106-year-old Sobeys grocery chain. \"The acquisition of Canada Safeway represents an excellent strategic fit, strengthening our presence in Western Canada,\" he said in a separate statement. Sobeys said the assets it will purchase include 213 grocery stores, 199 in-store pharmacies and 12 manufacturing facilities. The transaction, approved by the boards of directors of both companies, is expected to close in the fourth quarter of 2013, subject to Canadian regulatory approval, Safeway said. The US company also said it remained responsible for Canada Safeway\'s CAN$300 million in public debt due March 2014, which was not part of the deal. Safeway shares soared 40.6 percent to $32.50 in post-market trade in New York.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today safeway to sell canadian business to sobeys Arab Today, arab today safeway to sell canadian business to sobeys

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today safeway to sell canadian business to sobeys Arab Today, arab today safeway to sell canadian business to sobeys

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Lufthansa chief eyes up to 78

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Rouhani at UN defends Iran nuclear deal

GMT 09:41 2017 Thursday ,21 September

Rouhani at UN defends Iran nuclear deal
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today China lifts 10-year travel ban

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:49 2017 Wednesday ,20 September

WHO urges Yemen to accept vaccines

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday