date:Jun 14, 2013
The C$5.8 billion deal, Canada's biggest so far this year, resulted in generous premiums for Safeway, which said it would use the proceeds to pay down debt and buy back shares, and its shares shot up 30 percent in after-hours trade.
Empire will gain control of 213 full-service grocery stores, cementing its position as Canada's No. 2 grocer behind Loblaw Companies Ltd (L.TO) at a time when competition from U.S. retailers Wal-Mart Stores (WMT.N) and Target (TGT.N) is heating up.
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