LOBLAW COS. $47.65 (Toronto symbol L; Shares outstanding: 412.5 million; Market cap: $18.9 billion; TSINetwork Rating: Above Average; Yield: 2.0%; www.loblaw.ca) has closed its purchase of Shoppers Drug Mart, which has 1,253 drugstores across Canada.
Loblaw paid $12.4 billion, consisting of $6.6 billion in cash and $5.8 billion in shares. Shoppers shareholders now own 29% of the combined company.
In all, the firm will have $43 billion of annual revenue and $3 billion of gross earnings. Combining marketing and distribution should save $100 million in the first year and $300 million annually by the end of the third year.
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