CANADA: Loblaw stock falls with dispersal of takeover rumours
The largest supermarket group in Canada, Loblaw Cos, saw its shares fall nearly 3% yesterday [Monday] as the market responded to news that US behemoth Wal-Mart Stores Inc would not be putting in a takeover bid for the company. Speculation last week that George Weston, the Toronto-based company’s majority owner was a mulling a sale to Wal-Mart prompted Loblaw’s shares to gain 10% on the Toronto Stock Exchange.
The largest supermarket group in Canada, Loblaw Cos, saw its shares fall nearly 3% yesterday [Monday] as the market responded to news that US behemoth Wal-Mart Stores Inc would not be putting in a takeover bid for the company.
Speculation last week that George Weston, the Toronto-based company’s majority owner was a mulling a sale to Wal-Mart prompted Loblaw’s shares to gain 10% on the Toronto Stock Exchange.
Yesterday afternoon, they were down C$1.70 (US$1.06) to C$56.75.
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