Tesco and Booker Group shareholders have both voted through the supermarket giant's contentious £3.7bn takeover of the country's leading wholesaler.
Tesco's £3.7bn takeover of food wholesaler Booker suffered a blow after the former's shareholders were advised to vote against the tie-up by advisory firm Institutional Shareholder Services on Thursday.
Tesco confirmed that Booker Group boss Charles Wilson will be appointed chief executive of the group's retail and wholesale operations in the UK and Ireland when the takeover is completed, which is pencilled in for 5 March.
Third quarter sales at UK food wholesaler Booker rose 3.4%, with like-for-likes up 3.8%, the company said on Thursday.
The competition regulator has cleared Tesco's contentious £3.7bn takeover of Booker after a seven-month investigation.
Tesco: Goldman Sachs upgrades to Buy from Sell.
Tesco's controversial takeover of wholesaler Booker has been given provisional clearance by the UK competition authority after an in-depth review.
FTSE 250 wholesaler Booker, which is currently in the process of being taken over by Tesco, reported a 9% rise in interim pre-tax profit on Thursday as total sales rose but tobacco sales declined.
FTSE 250 wholesaler Booker, which has agreed to be taken over by Tesco, reported a 1.3% jump in second-quarter like-for like sales on Thursday thanks to a solid performance from both the catering and retail sides of the business.
HSBC sounded an optimistic note following the competition regulator's announcement that it had referred Tesco's acquisition of Booker for a Phase 2 review.
Food wholesaler Booker reported growth in like-for-like sales in the first quarter thanks to the late Easter and favourable weather.
Supermarket giant Tesco gave the Competition and Markets Authority a hurry-along on Thursday, over its proposed merger with wholesale group Booker, first announced on 27 January.
The Competition and Markets Authority has formally opened an investigation into Tesco's proposed acquisition of wholesaler Booker.
Wholesaler Booker Group posted its final results for the 52 weeks to 24 March on Thursday, with sales rising 6.7% to £5.3bn, consisting of 8.7% growth in non-tobacco sales, and 2.4% growth in tobacco sales.
Equities trade in London became duller as the day progressed with a blend of geopolitical tensions and the upcoming long Easter weekend suppressing interest.
Reckitt Benckiser is lining up a sale of its food business to help fund the £14.3bn takeover of baby food maker Mead Johnson Nutrition. Reckitt has informed banks of a plan to dispose of its £2bn food division, according to senior sources. The FTSE 100 maker of Durex condoms and Nurofen painkillers has held a beauty parade of advisers. The deal would see the sale of French's, the bestselling mustard brand in America, and Frank's Red Hot sauces. - The Sunday Times
Stocks in London passed through a relatively quiet Thursday, with numerous ex-dividend equities, a stronger sterling and Brexit worries combining to dampen progress heading into the end of the first quarter.
Amid external pressure on its proposed takeover by Tesco, Booker saw total fourth-quarter sales hit hard by the new tobacco display ban and plain packaging restrictions.
Tesco was in focus on Tuesday as it agreed to pay a £129m fine to the Serious Fraud Office and following a report that two of its largest shareholders were advising against its deal with Booker.
The supermarket chain Budgens is to close 34 of its franchised convenience stores with a loss of 815 jobs, administrators said on Tuesday.