Booker’s cash-free debt-free deal to buy Makro means it won’t take on its £118m pension fund, documents have revealed.
In a circular to shareholders, the cash & carry giant said Makro’s parent company Metro Group had agreed to take over the Makro UK staff pension scheme. The scheme had a deficit of £7.8m in the year to 31 December 2011, with liabilities of £117.7m.
A general meeting for Booker shareholders is due on 2 July to vote on the acquisition, which would see Booker acquire Makro in a £140m deal.
Booker will pay £15.8m in cash for Makro’s assets, including 30 depots, while Metro will take a 9.99% stake in Booker.