A&P Sells Metro Stake
Montvale, N.J., The Great Atlantic & Pacific Tea Co. (A&P) said Monday it sold all of its 11.7 million shares of Metro Inc. supermarket chain for $347 million as part of its financing to buy Pathmark Stores Inc.
Metro Inc., based in Canada, will buy 1.5 million of the shares.
Great Atlantic & Pacific first said it would buy Pathmark in March for about $679 million. The deal is expected to close in December.