Canadian food retailer Metro to sell 48.2 % in Couche-Tard for $482 million
23 Jan 2013
Canadian food retailer Metro Inc yesterday said that it would sell nearly half of its stake in convenience store operator Alimentation Couche-Tard Inc for C$479 million ($482 million).
Metro will sell 48.2 per cent of its Couche-Tard stake to BMO Nesbitt Burns Inc, National Bank Financial and TD Securities Inc at C$47.90 a share. Stock of Couche-Tard yesterday closed at C$48.98 on the Toronto Stock Exchange.
Post sale, Metro will hold a 5.7 per cent economic interest and a 17-per cent voting interest in Couche-Tard.
Metro CEO, Eric La Fleche, said the company is "extremely pleased" with the performance of Couche-Tard but decided to sell a part of the stake because of the market value of the investment relative to its own total value.
"We still retain a significant economic and voting interest in Couche-Tard, and look forward to the continued growth of our investment," he added.
The sale comes three months after the Montreal-based company agreed to sell its Distagro food service division to Sysco Canada, Inc., a subsidiary of Sysco Corporation.
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