18:36:35 EDT Wed 01 May 2024
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or Name
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CA



Loblaw Companies Ltd
Symbol L
Shares Issued 310,027,680
Close 2024-03-20 C$ 149.85
Market Cap C$ 46,457,647,848
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Globe says Loblaw, rival allegedly discussed prices

2024-03-21 08:18 ET - In the News

Also In the News (C-MFI) Maple Leaf Foods Inc

The Globe and Mail reports in its Thursday, March 21, edition that plaintiffs in an Ontario class-action lawsuit have alleged that Loblaw chairman Galen Weston met in person to discuss bread prices with Michael McCain, Maple Leaf Foods' chairman, while an alleged bread price-fixing scheme was in place. The Globe's Susan Krashinsky Robertson writes that the meetings were referred to in internal e-mails filed with the Ontario Superior Court of Justice by lawyers for the plaintiffs. The e-mails between executives for Canada Bread Co. and Maple Leaf Foods, included preparations for one meeting in 2007, planning to point out the growing profits Loblaw had earned from sales of packaged bread. Maple Leaf has repeatedly stated that such meetings between a supplier and a retailer are routine in the industry and do not indicate wrongdoing. In addition to bread manufacturers, the allegations involved major grocery retailers, which remain under investigation by the bureau. Other retailers have denied any wrongdoing. In a statement of defence, Loblaw and its parent company denied Mr. Weston was involved in any arrangements regarding commercial packaged bread. Mr. McCain has previously denied engaging in any unlawful behaviour.

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