Loblaw to Launch Buyback for Up to 5% of its Public Float

By Adriano Marchese

Loblaw Cos. intends to launch a share repurchase program to buy back up to 5% of its issued and outstanding shares over the course of a year.

The Canadian food retailer said the Toronto Stock Exchange accepted its notice to make a normal course issuer bid, or NCIB, to purchase up to 16.6 million of its shares.

At Monday's closing price of 116.48 Canadian dollars, the equivalent of US$90.44, the value of all the shares intended for repurchase would be about C$1.94 billion.

Loblaw said it will begin its 12-month repurchase period on May 5.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

05-03-22 0831ET