Tesco completes Booker takeover in £4bn deal
Booker received 0.861 in Tesco s...
Leading UK grocery retailer Tesco has finally completed the acquisition of UK-based wholesaler Booker in a £4bn deal.
Booker received 0.861 in Tesco shares and 42.6 pence per share, with the company now having been delisted from the London Stock Exchange.
The takeover, originally worth £3.7bn, was first proposed in January of 2017, with Tesco’s shareholders having approved the bid last week.
Figures from both companies show that 83.4% of Booker investors approved the deal, whilst 85.22% of Tesco’s voted in favour of acquiring the wholesaler.
The approval of the shareholders of both firms follows a regulatory approval from the Competition and Markets Authority that came at the end of last year.
Tesco will now work to integrate Booker into its existing operations, furthering its own stature as one of Europe’s leading grocery retailers.
Charlie Wilson, CEO of Booker, will become the CEO of Tesco’s retail and wholesale operations in the UK and Ireland, reporting directly to company CEO Dave Lewis.
Jim Donald appointed the CEO of Albertsons
Donald, who previously worked as the company...
The Idaho-based grocery chain, Albertsons, has appointed Jim Donald as its new Chief Executive Officer.
Donald, who previously worked as the company’s President and Chief Operating Officer, will keep his presidential role.
The new CEO will replace Bob Miller, who will continue in his position as Chairman of the Board.
“Jim Donald has built an exceptional career in retail,” remarked Bob Miller.
“His knowledge of our company and industry is unmatched, and I know his contributions will be invaluable as we enter the next chapter of Albertsons Companies.”
“We look forward to tapping his experience in leading large consumer brands as we work every day to meet our customers’ needs, both in-store and online.”
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In his career, Donald has held positions such as the CEO of Starbucks and the CEO of Pathmark Stores.
The newly-appoint CEO also worked for Albertsons for 15 years, starting 1976, becoming the Vice President of Operations in Arizona.
“Albertsons Companies is uniquely positioned to operate in both a 'four walls' traditional environment and the 'no walls' world of technology,” stated Jim Donald.
“We serve 34 million customers each week across our 2,300-plus stores and serve 5.5 million patients in our 1,700-plus pharmacies.”
“That's a significant food, health and wellness footprint. We're well positioned to serve the evolving needs of today's customer, wherever and whenever they choose to shop with us.”
“I am looking forward to leading this dynamic company as we focus on innovation and customer-centric retailing in all its forms.”