A&P stock rises on news of sale
A&P stock rises on news of sale
The Great Atlantic & Pacific Tea Co., the owner of A&P supermarkets, hired JPMorgan Chase & Co. to find a buyer for its Canadian grocery-store business, a sale that could raise more than $1 billion. This announcement, combined with its latest financial results and a planned major restructuring, led to sharply higher stock prices the week of May 9-13. A&P plans to sell A&P Canada, divest itself of its Midwest operations, and concentrate on its core operations in the broad corridor from Connecticut to Washington, DC. Christian Haub, chairman of the board and chief executive officer, said, "The