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article imageTim Hortons shareholders vote for deal, bought up by Burger King

By Marcus Hondro     Dec 12, 2014 in Business
As expected they would, the shareholders of Tim Hortons voted in favour of the deal to become a part of Burger King Worldwide Inc. today. That makes the $12 billion deal official and complete, creating a new company, "Restaurant Brands International."
The new company will start trading on Monday. The CEO of Restaurant Brands Inc. will be Burger King CEO Daniel Schwartz, while Marc Caira, who was the Tim Horton's CEO, will become the vice-chair.
Burger King shareholders signed off on the deal last Friday and the Canadian government approved it earlier last week, with Canada's Industry Minister James Moore saying it was good for Tim Hortons and Canada. He said the government is "pleased to see companies like Burger King investing in Canada's economy and looking to benefit from our low taxes and open markets."
U.S. government regulators also gave their approval to the transaction.
Industry Minister Moore said the conditions placed upon Burger King in return for approving the deal include keeping all of Tim Hortons employees, speeding up the opening of new Tim Hortons franchises in the U.S. and around the globe and having company headquarters in Canada. The government hasn't said how they will enforce those guidelines.
The headquarters will be in Oakville, Ontario.
Tim Hortons has been a part of Canada since 1964 when founded in Hamilton, Ontario by NHL hockey player, the late Tim Horton, and an investor. There are over 4,500 Tim Hortons in Canada, over 800 in the United States and 38 in the Persian Gulf area.
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