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Canada: Shoppers Drug Mart promotes confidence in $12.4B buyout

 |  September 12, 2013

The leader of Shoppers Drug Mart expressed optimism in Canada’s Competition Bureau clearing the proposed buyout of the chain for $12.4 billion by Loblaw. Shoppers shareholders approved of the merger on Thursday.

In a statement, chief executive Domenic Pilla described the two companies’ operations as “complementary…and therefore don’t raise any competitive issues.”

Loblaw is Canada’s largest grocery retail chain; the two plan to submit their merger proposal to the Bureau in the next few weeks, say reports.

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