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Trading of Jean Coutu Group and Metro stopped within minutes of each other

Jean Coutu-Montreal

Regulators suspended trading of pharmacy retailer Jean Coutu Group and grocery chain Metro this morning.

The Investment Industry Regulatory organization of Canada said at 9:29 a.m. it was putting a temporary halt to trading in Jean Coutu, and suspended Metro trading six minutes later.

In a joint statement released a few hours later, the companies confirmed they were “engaged in exclusive discussions regarding a combination agreement… The parties will not comment any further.”

Jean Coutu has has more than 400 stores in Quebec, New Brunswick and Ontario.

Metro has more than 600 stores in Quebec and Ontario.

More to come…

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