Tesco Completes £4 Billion Booker Merger
UK supermarket giant Tesco has finally completed its £4 billion takeover of wholesale group Booker, the two companies said today.
Booker shares have now been de-listed from the London Stock Exchange, and over 1.5 billion New Tesco shares have been issued.
The cash and share deal was first announced in January 2017, but was given shareholder approval last week, after receiving the green light from the Competition and Markets Authority back in December.
Tesco says that the appointment of Booker chief Charles Wilson as the new head of Tesco's retail operations in the UK and Ireland will also come into effect today.
Additionally, Stewart Gilliland, the former chairman of Booker, has been appointed to the Tesco board as a non-executive director.
Tesco CEO Dave Lewis said that the merger aims to create "the UK's leading food business". Tesco is already the largest retailer in the country, with 27.8% market share, according to the latest figures from Kantar Worldpanel.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.