Shoppers Drug Mart Corp shareholders on Thursday voted overwhelmingly in favor of Loblaw Co Ltd's C$12.4 billion ($12.02 billion) bid to purchase Canada's largest pharmacy chain. The deal with Loblaw, Canada's largest food retailer, was approved by 99.89 percent of the votes cast by shareholders at a special meeting.The pending transaction is Canada's biggest merger deal so far this year and comes at a time when Canadian grocers are under increasing pressure from U.S. competitors like Wal-Mart Stores Inc, which has ramped up its grocery offerings, and newer entrant Target Corp, which offers a smaller selection of food products.The deal, which is expected to close by the end of the first quarter of 2014, still needs approval by the competition bureau. The application to the bureau is expected to be submitted shortly after Thursday's meeting.Meanwhile, local rival Empire Co Ltd is acquiring Safeway Inc's Canadian assets for $5.7 billion, cementing its position as Canada's No. 2 grocer.
Shoppers Drug Mart Corporation is a provider of pharmacy products and services. Shares of SC fell by 0.81% or $-0.48/share to $59.00. In the past year, the shares have traded as low as $40.03 and as high as $61.77. On average, 1121240 shares of SC.TO exchange hands on a given day and today's volume is recorded at 680868.
Target Corporation (Target) operates in three segments: U. Shares of TGT fell by 1.08% or $-0.7/share to $64.29. In the past year, the shares have traded as low as $58.01 and as high as $73.50. On average, 4060660 shares of TGT exchange hands on a given day and today's volume is recorded at 3972965.
Wal-Mart Stores, Inc. (Walmart) operates retail stores in various formats around globally. Shares of WMT fell by 0.12% or $-0.0897/share to $73.96. In the past year, the shares have traded as low as $67.37 and as high as $79.96. On average, 6162640 shares of WMT exchange hands on a given day and today's volume is recorded at 3750483.
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