Tesco has announced that its £4 billion (US$5.5 billion) takeover of Booker Group has been completed, both companies said at the start of this week. The move creates a new powerhouse in Britain’s £200 billion (US$276.6 billion) a-year food market.
The cash and shares deal to combine Tesco, Britain’s biggest retailer, with Booker, the country’s largest wholesaler, received court approval on Friday March 2 and is now in effect.
The deal received regulatory approval in December and both sets of shareholders backed the plan last Wednesday, February 28.
Booker shares have now been de-listed from the London Stock Exchange. For each Booker share, Tesco offered 0.861 new Tesco shares and 42.6 pence in cash. Tesco shares closed Friday at 202 pence.
Analysts noted that with a market capitalization of just under £20bn, Tesco is now bigger than the whole of rivals Sainsbury’s, Morrisons, Marks & Spencer and Ocado put together, according to Reuters.
Charles Wilson, formerly Booker’s chief executive, takes over as CEO of Tesco’s retail and wholesale operations in the UK and Ireland reporting to group CEO Dave Lewis.
Stewart Gilliland, formerly Booker chairman, will become a non-executive director of Tesco.
Source: Food Ingredients First
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