SDM shareholders approve takeover

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Shoppers Drug Mart shareholders have voted to approve a takeover by Loblaw.

Shoppers’ board of directors had already given the $12.4 billion deal its blessing and urged shareholders to do the same. The proposed takeover, announced July 15th, will keep the Shoppers name, and allow the drugstore giant to operate as a separate arm of Loblaw, Canada’s largest supermarket chain.