GEORGE WESTON $85.19 (Toronto symbol WN; Shares outstanding: 127.9 million; Market cap: $11.1 billion; TSINetwork Rating: Above Average; Yield: 2.0%; weston.ca) owns 63.1% of Loblaw. It will help it pay for Shoppers by buying $500 million of new shares. After Loblaw completes the purchase, Weston will own 46% of Loblaw.
Loblaw will operate Shoppers as a separate chain and does not plan to close any stores. That makes sense, because most Shoppers stores are small outlets in urban areas where there is little overlap with Loblaw’s mainly suburban supermarkets.
Shoppers will also keep its own brands and loyalty program. However, combining marketing and distribution should save the company $300 million annually by the end of the third year.
Transformative takeovers like this entail a lot of risk. However, Loblaw’s recent experience streamlining its own warehouses and supply chains should help it integrate Shoppers.
Loblaw is still a buy. George Weston is also a buy.
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