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BUSINESS Breaking News View seven day business Archive for previous Winnipeg Free Press stories.
Jean Coutu goes to New York court to transfer US$850 million debt to Rite Aid Friday Dec 8 2006
The Quebec-based company said the filing, announced after the markets closed, responds to any questions raised by the holders of the notes, prior to the sale closing. "Jean Coutu wants to clear the path to avoid all ambiguity," said Michael Murray, director of investor relations. Last August, the company announced the sale of 1,800 American pharmacies to Rite Aid for US$3.4 billion. The transaction would give Jean Coutu a 32-per-cent stake in Rite Aid, provide US$1.45 billion in cash and transfer the US$850 million debt. Rite Aid shareholders will vote on the acquisition in March. Jean Coutu shares gained 15 cents to close at $12.67 Friday on the Toronto Stock Exchange.
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