Loblaw to buy Shoppers Drug Mart for C$12.4 bln

July 15 | Mon Jul 15, 2013 6:11am EDT

July 15 (Reuters) - Loblaw Cos Ltd, Canada's largest food retailer, said it will buy Shoppers Drug Mart Corp, the country's biggest pharmacy chain, for C$12.4 billion ($11.9 billion).

The offer of C$61.54 in cash and stock represents a premium of 27 percent to Shoppers Drug Mart's Friday closing on the Toronto Stock Exchange.

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