Empire Soars to Record High on Safeway Purchase
This article is for subscribers only.
Empire Co. surged 11 percent to a record high as investors bet the C$5.8 billion ($5.7 billion) purchase of Safeway Inc.’s Canadian stores by its Sobeys Inc. grocery unit will boost revenue and add to earnings as it expands west.
It was Empire’s biggest jump since March 2001 and took the Stellarton, Nova Scotia-based grocer to its highest level since September 1988, according to data compiled by Bloomberg. Empire closed at C$74.77 in Toronto today.