RITE AID TO BUY ECKERD

Rite Aid Corporation, the third U.S. drugstore chain, announced yesterday they will buy the Brooks and Eckerd drugstore chains from Canada’s Jean Coutu Inc. for about $2.6 billion. Just two years ago Jean Coutu purchased the Eckerd stores, leading them to become North America’s 4th largest drugstore chain, but scant resources prevented Eckerd from upgrading, according to Reuters. The deal will make Rite Aid the largest drugstore chain on the U.S. east coast and a closer rival to Walgreen Co.