Burger King Put an $11 Billion Dollar Ring on Canada’s Tim Hortons, Proposal Accepted
After months of “will they, won’t they” Canada has finally given Burger King the green light to purchase their national coffee and doughnut chain Tim Hortons. The Wall Street Journal reports that Burger King has offered the Canadian government $11 billion to buy up the restaurant. This will make them the 3rd-largest fast food company in the world.
It was first believed that 3G capital, the private equity company that owns BK, was just taking advantage of a Canadian HQ as a tax shelter. Canada, however, disagrees.
With Tim Hortons’ annual profit declining 14 percent in the last financial quarter, Canada’s government believes the merger will help the country’s economy.
Our neighbors to the north had a few conditions for Burger King, however, before the purchase of Tim Hortons could take place. This includes securing the jobs of every Tim Hortons employee at Canadian franchises, maintaining the brand’s image and that Canadians represent 50 percent or more of Tim Hortons board of directors.
Sadly, because of these stipulations, we won’t be seeing any Burger King/Tim Hortons ships. A Whopper inside a doughnut or Timbit onion rings may have been a magical experience at King Hortons. Or Burger Tim.
H/T CBC Picthx Charisma Madarang
