Canada's Jean Coutu cuts stake in Rite Aid to 11.7 pct

Tue Apr 16, 2013 5:11pm EDT
 
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April 16 (Reuters) - Canadian drugstore chain Jean Coutu Group Inc said it has sold 72.5 million shares in Rite Aid Corp, bringing its stake in the company to 11.7 percent.

Jean Coutu, Rite Aid's biggest shareholder since it sold its U.S. drugstores to Rite Aid in 2007, held 19.74 percent, or 178.4 million shares, in the company.

Jean Coutu will, however, continue to be the top shareholder of Rite Aid, the third-largest U.S. drugstore chain.

The Canadian pharmacy chain sold the shares at an average price of $2.20 per share for net proceeds of $158.5 million.

The sale will add $49.7 million to Jean Coutu's net profit in the first quarter of fiscal 2014, it said.

Jean Coutu sold about 56 million Rite Aid shares in April last year.

Rite Aid shares closed at $2.25 on the New York Stock Exchange on Tuesday.