CANADA: Metro sells Couche-Tard stake
Metro has reached a deal with BMO Nesbitt Burns, National Bank Finaancial and TD Securities to sell the shares at C$47.90 each. The company announced signalled its intention to divest a significant proportion of its holdings in Couche-Tard yesterday (22 January), when shares closed at C$48.98.
Metro Chief Executive Eric La Fleche said the company made the decision based on "the market value of our holdings in Couche-Tard relative to Metro's total value".
He added: "We are evaluating opportunities for the use of proceeds, including investments for growth and returns to shareholders.".
Following the sale, Metro will still have a 5.7% economic interest and a 17% voting interest in the convenience group.
With highly saturated Canadian market place, the company is increasingly focusing on markets outside of Canada and North America, such as its acquisition of Statoil Fuel & Retail in Scandinavia....
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