Tesco has com­pleted Booker deal

Yorkshire Post - Business - - BUSINESS -

TESCO’S £4BN takeover of Booker has com­pleted, cre­at­ing a new pow­er­house in Bri­tain’s £200bna-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 and is now in ef­fect.

The deal re­ceived reg­u­la­tory ap­proval in De­cem­ber and both sets of share­hold­ers backed the plan last Wed­nes­day.

Booker shares have now been de-listed from the Lon­don Stock Ex­change. For each Booker share Tesco of­fered 0.861 new Tesco shares and 42.6p in cash.

An­a­lysts noted that with a mar­ket cap­i­tal­i­sa­tion of just un­der £20bn, Tesco is now big­ger than the whole of ri­vals Sains­bury’s, Mor­risons, Marks & Spencer and Ocado put to­gether.

Tesco will now start its pro­gramme to in­te­grate the two busi­nesses. 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.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.