Canada's Loblaw makes USD12b offer for Shoppers Drug Mart

(MENAFN) Canada's largest retailer Loblaw has made a USD12 billion offer to buy pharmacy chain Shoppers Drug Mart, the Financial Times reported. Loblaw, which already has 500 pharmacies, seeks to seal the deal to strengthen its own sales growth and healthcare credentials. The combined group will have 2,348 stores and annual revenue of around USD42 billion. The company also aims to save money and boost efficiencies partly by selling its Loblaw's branded products in Shoppers Drug Mart and vice versa. The deal also gives Loblaw a network of small stores in urban areas, a form of retail property that is expanding across North America as more consumers seek convenient shopping options instead of long journeys to out-of-town stores.