TORONTO — The Weston family says it is selling some of its shares to George Weston Ltd. and Loblaw Companies Ltd. in an internal reorganization.
The sale by W. Galen Weston will leave him as controlling shareholder of bakery and real estate company George Weston Ltd., with 52.8 per cent of the outstanding shares.
The companies say after the deal, George Weston Ltd. will have 52.6 per cent of the outstanding shares of the Loblaw grocery store and drug store company.
The deal, which is technically with an entity owned by W. Galen Weston, sets the price at 97 per cent of the average purchase price of the shares.
The companies say W. Galen Weston has no plans to sell any additional shares outside the Weston family.
The announcement says the shares will change hands after the markets close on Dec. 21.
This report by The Canadian Press was first published Dec. 18, 2020.
Companies in this story: (TSX:WN, TSX:L)
The Canadian Press
Note to readers: This is a corrected story. A previous version incorrectly stated the discounted price to be paid by George Weston Ltd. and Loblaw Co. Ltd. This version clarifies the shares are currently owned by W. Galen Weston.
