Nova Scotia–based grocer Sobeys Inc. did some shopping of its own in June, ringing up a $5.8 billion deal to buy Safeway Inc.'s Canadian operations. The deal significantly increases Sobeys's footprint in western Canada and strengthens its position as the country's second-largest grocery chain.
The deal, which has been approved by both companies' boards, was the largest M&A transaction in Canada in 2013 when it was announced on June 12. But that distinction was short-lived: On July 14 Ontario-based Loblaws Cos., Canada's largest grocery retailer, responded with a blockbuster, $12.4 billion deal to buy iconic Canadian drugstore giant Shoppers Drug Mart, which has 1,200 stores across the country.
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