(MENAFN) Canada's industry minister approved fast-food giant Burger King's takeover of coffee and donut chain Tim Hortons, with conditions such as maintaining staffing levels at Tim stores, Oman Observer reported.
The proposed acquisition under Canada's foreign investment rules that Burger King has agreed to the conditions. The Can USD10.92 billion deal was announced in August.
The result of this transaction is this new global company, with sales of more than USD20 billion annually, which will now be based in Canada, Industry Minister said in a statement.
According to the government's terms, the merged company will also seek to expand globally "at a significantly greater pace than currently planned", with its new headquarters in Oakville, Ontario.
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