Safeway Inc. (SWY) announced after the bell Wednesday that it has entered into an agreement to sell its Canadian operations. The net assets of Canada Safeway Limited will be sold to Sobeys Inc. for C$5.8 billion in cash. The transaction is anticipated to close in the fourth quarter of 2013.
Safeway gapped open sharply higher Thursday, but retreated over the course of the morning, before settling into a range. The stock closed up by 1.71 at $24.82 on the highest volume of the year. Safeway rose to a 3-week high and re-crossed its 50-day moving average.
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