Metro Selling Nearly Half Of Couche-Tard Investment For $479M
January 23, 2013 | 1 min to read
MONTREAL — Supermarket chain Metro Inc. is selling nearly half of its 25-year investment in convenience store operator Alimentation Couche-Tard to three Canadian banks for $479-million.
The Montreal-based company announced Tuesday that it has agreed to sell 10 million Class B subordinate voting shares to BMO Nesbitt Burns, National Bank Financial and TD Securities for $47.90 per share.
The sale to be completed within three days represents about 7.2% of Couche-Tard’s (TSX:ATD.B) outstanding B shares, which closed down 30 cents to $48.98 in Tuesday trading.
Metro will convert nearly 4.3 million of its Class A multiple voting shares into B shares. The remaining 5.7 million B shares are already held by the supermarket retailer.
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