Updates share price in first paragraph and adds detail from third paragraph
By Scott Murdoch
SYDNEY, Feb 13 (Reuters) - Shares of Australia's Sigma Healthcare SIG.AX gained more than 3% in early trading on Thursday in the firm's first session since it finalised a merger with Chemist Warehouse to create a A$31 billion ($19.47 billion) pharmacy and retail giant.
The value of the merger was A$8.8 billion when the deal was announced in December 2023, but Sigma shares have increased more than three-fold.
The stock was up 0.2% on Thursday when trading began, but gained steadily to last trade 3.4% higher at A$2.86.
Almost 100% of Sigma shareholders approved the deal that involved Sigma paying A$700 million plus stock to Chemist Warehouse's founders for the business. It took more than a year to gain regulatory approval.
Former Chemist Warehouse shareholders now own 85.8% of the merged company that will supply 1,200 Sigma-aligned pharmacies and own more than 658 Chemist Warehouse outlets, according to regulatory filings.
Chemist Warehouse's founders control 14.25% of the merged company, the deal's documents showed.
($1 = 1.5918 Australian dollars)
(Reporting by Scott Murdoch; Editing by Chris Reese and Jamie Freed)
((Scott.Murdoch@thomsonreuters.com;))
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