Loblaw, George Weston to buy shares from Weston family

The Weston family says it is selling some of its shares to George Weston Ltd. and Loblaw Companies Ltd. in an internal reorganization.

The sale by Galen Weston will leave him as controlling shareholder of bakery and real estate company George Weston Ltd., with 52.8% of the outstanding shares.

The companies say after the deal, George Weston Ltd. will have 52.6% of the outstanding shares of the Loblaw grocery store and drug store company.

The deal, which is technically with an entity owned by Galen Weston, gives the two companies a 97% discount on the average purchase price of the shares.

The companies say Galen Weston has no plans to sell any additional shares outside the Weston family.

The announcement says the shares will change hands after the markets close on Dec. 21.