December 15, 2010 / 11:00 PM / in 7 years

UPDATE 1-George Weston to pay C$1 bln special dividend

* To pay C$7.74751 per share

* To pay on Jan 25 to shareholders of record Jan 18

Dec 15 (Reuters) - George Weston Ltd WN.TO, Canada’s largest food processor and distributor, said it will pay a special, one-time dividend of C$1 billion.

The company, which owns No. 1 Canadian supermarket chain Loblaw Co L.TO, will pay about C$7.75 per share to shareholders of record Jan. 18.

Last month, George Weston doubled its third-quarter profit to C$184 million. Its shares have risen about 3 percent since.

Shares of the Toronto-based company closed at C$79.38 on Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Vinu Pilakkott)

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