Bouchard backtracks on bid for Provigo

Article Abstract:

Provigo Inc.'s proposed sale to Loblaw Cos. has become uncertain after Premier Lucien Bouchard of Quebec expressed concerns regarding the potential impact of the takeover to the economy of Quebec. The statement issued by Bouchard signals a dramatic deviation in the provincial government's stand on the sale of Quebec's largest grocery chain. Bouchard, who previously reiterated in his campaigns that farmers should not be alarmed about the possibility of losing business if Provigo is sold to non-Quebec interests, voiced fears of losing control of distribution once Provigo is sold.

Comment:

Its proposed purchase of Provigo becomes uncertain after Premier Lucien Bouchard of Quebec withdew support to deal

Ontario

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Provigo board says bid is fair

Article Abstract:

Montreal, Quebec-based Provigo Inc., a grocery-retailing company, has its directoral board unanimously endorsing Loblaw Companies Ltd.'s C$1.6-billion offer to acquire the company. The endorsement of Loblaw's takeover bid for Provigo was based on a study of the business choices of Provigo in an effort to achieve optimum value for Provigo's stockholders. Loblaw's takeover bid for Provigo involves the issuance of a maximum of nearly 27 million shares of Loblaw's stock and the payment of a maximum C$782.3-million amount in cash.

Comment:

Has its C$1.6-bil offer to acquire Provigo unanimously endorsed by Provigo's directoral board

Canada

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Provigo plans overhaul of stores

Article Abstract:

Provigo Inc., the biggest grocery chain in Quebec, Canada, plans to set aside C$100 million over two years to overhaul its supermarkets and discount stores. Pierre Mignault, the firm's chief executive officer, said C$85 million will be spent toward renovating neighborhood supermarkets. Due to competition posed by Loblaw Cos. Ltd. of Toronto, Canada, and Stellarton, Canada-based Sobeys Inc., provigo will appropriate half of each store to fresh products and to cooked meal selections for time-strapped customers.

Comment:

Plans to set aside C$100 mil over 2 years to overhaul its supermarkets and discount stores

Capital expenditures

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