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Metro completes purchase of Jean Coutu

Canadian food retailer Metro Inc. completed its C$4.5 billion acquisition of pharmacy chain Jean Coutu Group (PJC) Inc.

François Coutu will continue to lead the drug retailer as president and, along with Michel Coutu, will be appointed to Metro's board, the company said May 11.

Under the terms of the deal, which has received shareholder and regulatory approval, Jean Coutu Group shareholders now hold about 11% equity interest in Metro.

Jean Coutu has applied for its class A subordinate voting shares to be delisted from the Toronto Stock Exchange.