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☆ Albertsons calls off merger and sues Kroger
▼ + stars: | 2024-12-11 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

New York CNN —Grocery chain Albertsons called off its $25 billion merger with Kroger, ending the largest proposed merger in US supermarket history. “We have made the difficult decision to terminate the merger agreement,” Albertsons CEO Vivek Sankaran said in a statement Wednesday. Albertsons also sued Kroger for breach of its contract agreement, alleging Kroger caused the merger to be blocked. Supermarkets have been losing ground in recent decades to competition, and Kroger and Albertsons wanted to merge to better fight off Walmart and Amazon. The merger would eliminate head-to-head competition between Albertsons and Kroger, potentially raising prices for consumers, she said in the ruling.

Persons: Vivek Sankaran, Harris Teeter, Fred Meyer, Kroger, ”, Adrienne Nelson, Nelson, Lina Khan, Khan, Rodney McMullen, “ We’ve, we’ll Organizations: New, New York CNN, Albertsons, Kroger, Safeway, Vons, Walmart, Amazon, Federal Trade Commission Locations: New York, Oregon, America

☆ Senate Democrats urge Walmart, Costco, Albertsons and Kroger to sell abortion pill mifepristone
▼ + stars: | 2023-03-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Erin Hooley | Tribune News Service | Getty ImagesSenate Democrats called on Walmart , Costco , Albertsons and Kroger to sell the prescription abortion pill mifepristone and clearly let customers know how to get it at their pharmacies. The companies have not publicly stated yet whether they plan to sell mifepristone at their pharmacies. The 17 senators told Walmart CEO Doug McMillon, Costco CEO Craig Jelinek, Albertsons CEO Vivek Sankaran and Kroger CEO Rodney McMullen that they are frustrated the companies have not yet publicly indicated whether they will sell mifepristone. Major retailers in the U.S. have been thrust in the middle of the nation's deep divisions over abortion as they weigh whether to sell mifepristone. Walgreens has come under fire after it told the GOP attorneys general that it would not sell mifepristone in their states.

☆ CEOs from Kroger and Albertsons say they’re worried about competition from Amazon, but the e-commerce giant barely makes up 1% of US grocery sales
▼ + stars: | 2022-12-01 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

The CEOs of Kroger and Albertsons say their proposed merger will help them defend against Amazon. But Amazon's market share is a fraction of larger players, including both Kroger and Albertsons. But market share data suggests that a combined Kroger and Albertsons would be much larger by sales than Amazon the day the merger takes place. For all of its moves in grocery, Amazon commanded just 1.2% of sales, according to Euromonitor. The entire US grocery market represented $1.27 billion in sales last year, according to Euromonitor.

WASHINGTON, Nov 29 (Reuters) - Top executives at Kroger Co (KR.N) and Albertsons Companies Inc (ACI.N) on Tuesday defended their planned $25 billion merger before skeptical lawmakers who fear the deal would push up food prices at a time of high inflation. "A combined Kroger and Albertsons will remain at number four as we will continue to compete with these companies to sell groceries. Those same three competitors have nearly three times the share of grocery sales of Kroger and Albertsons combined," he said, according to written remarks. In that case, the companies were forced to sell 168 stores to ensure that competition would remain fierce and prices would not rise. The companies have also been criticized for a plan to give Albertsons' shareholders a $4 billion dividend payment.

☆ Kroger, Albertsons Expected to Defend Grocery Merger at Senate Hearing
▼ + stars: | 2022-11-29 | by ( Jaewon Kang | ) www.wsj.com time to read: 1 min

An Atlanta store operated by Kroger, the largest U.S. supermarket chain by sales. Chief executives of the two largest U.S. supermarket chains are set to testify Tuesday at a Senate subcommittee hearing, where they are expected to defend their companies’ proposed $20 billion merger and address questions about how it could affect American grocers and consumers. Kroger Co. CEO Rodney McMullen and Albertsons Cos. CEO Vivek Sankaran are expected to testify before the Subcommittee on Competition Policy, Antitrust and Consumer Rights, led by Sens. Amy Klobuchar (D., Minn.) and Mike Lee (R., Utah).

☆ Albertsons, Kroger CEOs to defend $25 bln merger to skeptical U.S. senators
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 29 (Reuters) - Top executives at Kroger Co (KR.N) and Albertsons Companies Inc (ACI.N) are expected to face tough questions on Tuesday from lawmakers who worry the grocers' planned $25 billion merger will push up food prices at a time when inflation is a concern. Kroger Chief Executive Rodney McMullen and Albertsons' chief, Vivek Sankaran, will go before the Senate Judiciary Committee's antitrust panel, some of whose members have already criticized the deal. Senators Amy Klobuchar, chair of the Senate antitrust panel, and Richard Blumenthal were among those who signed a letter to Federal Trade Commission Chair Lina Khan, saying the merger "raises considerable antitrust concerns." Ideally, they would like to find buyers for the facilities but could also put them into a new company that would be owned by Albertsons' shareholders. The companies may also draw fire on Tuesday for a widely criticized plan to give Albertsons' shareholders a $4 billion dividend payment.

The hearing was called by Klobuchar along with Senator Mike Lee, the top Republican on an antitrust panel of the Senate Judiciary Committee. "The hearing will examine the impact of the proposed merger of Kroger and Albertsons, the two largest grocery chains in the country," the statement said. The FTC is expected to aggressively review the deal to ensure it complies with antitrust law. While the two are the largest standalone grocers, Walmart is the market leader. Reporting by Diane Bartz; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

☆ Investors will reap billions if Kroger takes over Albertsons. Workers and shoppers may not be as happy.
▼ + stars: | 2022-11-05 | by ( Gretchen Morgenson | Gretchen Morgenson Is The Senior Financial Reporter For The Nbc News Investigative Unit. A Former Stockbroker | She Won The Pulitzer Prize In For Her | ) www.nbcnews.com time to read: +11 min

Wealthy investors in Safeway’s parent, Albertsons Companies, have done better. And next week, they were slated to reap a $4 billion cash dividend in connection with a proposed $25 billion takeover of Albertsons by rival Kroger. Based on that stake and the amount of the dividend, Cerberus stands to receive roughly $1 billion of the dividend payout. Six of Albertsons’ 14 directors who voted for the dividend are affiliated with the major investors. This is the last, best and final hope for a truly unionized chain.”Nervous about the pensionThe proposed $4 billion cash dividend is large by many measures.

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