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☆ Top Republican on Senate antitrust panel promises oversight of grocery deal
  + stars: | 2022-10-14 | by ( ) www.reuters.com   time to read: 1 min
WASHINGTON, Oct 14 (Reuters) - The top Republican on a U.S. Senate antitrust panel, Senator Mike Lee, promised on Friday that there would be significant oversight of a plan by Kroger Co (KR.N) to buy rival Albertsons Cos Inc (ACI.N). "Utahns, like all Americans, are suffering from skyrocketing food prices," Lee said in a statement. "I will do everything in my power to ensure our antitrust laws are robustly enforced to protect consumers from anticompetitive mergers that could further exacerbate the financial strain we already feel in the grocery store checkout aisle." The $24.6 billion deal was announced Friday. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Diane BartzOur Standards: The Thomson Reuters Trust Principles.
☆ Wall St drops as inflation worries persist
  + stars: | 2022-10-14 | by ( Chuck Mikolajczak | ) www.reuters.com   time to read: +4 min
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 7, 2022. REUTERS/Brendan McDermidSummarySummary Companies JPM reports higher-than-expected Q3 profitS&P 500, Nasdaq poised for weekly declinesU.S. consumer sentiment edges up October; inflation ests. Register now for FREE unlimited access to Reuters.com RegisterThe data came a day after a reading on consumer prices showed inflation remains stubbornly high. The Dow was on track to close out the week with a gain while the S&P 500 and Nasdaq were poised for weekly declines. The S&P 500 posted 5 new 52-week highs and 5 new lows; the Nasdaq Composite recorded 56 new highs and 171 new lows.
☆ Kroger looks to fight both inflation and Walmart with new merger
  + stars: | 2022-10-14 | by ( Arriana Mclymore Siddharth Cavale | Arriana Mclymore | Siddharth Cavale | ) www.reuters.com   time to read: +4 min
A 20-ounce packet of Sara Lee Classic White Sandwich bread goes for $2.50 at Kroger, compared to $2.24 at Walmart. Nearly two-thirds of Kroger's 2,700 stores are unionized, like a "majority" of Albertsons stores, the United Food and Commercial Workers Union says on its website. Grocery stores such as Kroger, Albertsons, in contrast, are often forced to rely on coupons or buy-one-get-one-free promotions funded by companies like P&G and Conagra in order to compete. Euromonitor data shows that 25.2% of all dollars spent on groceries in the United States last year went to Walmart, while Kroger got 8.1% and Albertson's 4.8%. Walmart shoppers have a median income of $73,000.
☆ Kroger to Merge With Albertsons in a $24.6 Billion Deal
  + stars: | 2022-10-14 | by ( Jaewon Kang | ) www.wsj.com   time to read: 1 min
Kroger said it is buying rival Albertsons Inc. in a deal that values the company at $24.6 billion, one of the biggest deals in the history of the grocery industry in the U.S.By combining, the companies would gain greater scale and leverage to negotiate with vendors. The deal would also bolster the grocers’ market share and technology to compete better with Walmart and Amazon.com Inc.
☆ Kroger agrees to buy rival grocery company Albertsons for $24.6 billion
  + stars: | 2022-10-14 | by ( Melissa Repko | Melissa Repko Is A Retail | Consumer Reporters For Cnbc.Com. | ) www.nbcnews.com   time to read: +3 min
The companies said Kroger agreed to buy Albertsons for $34.10 a share in a deal valued at $24.6 billion. The tie-up comes during a challenging time in the grocery industry. The grocery industry is highly fragmented. Albertsons’ share was about 5%. Consolidation in the grocery industry has not historically paid off in the form of higher profits, he said.
☆ Kroger to Buy Albertsons in $24.6 Billion Deal That Would Create New Grocery Giant
  + stars: | 2022-10-14 | by ( Jaewon Kang | ) www.wsj.com   time to read: 1 min
Kroger said it is buying rival Albertsons Inc. in a deal that values the company at $24.6 billion, one of the biggest deals in the history of the U.S. grocery industry. Combining would give Kroger and Albertsons, the largest and second-largest U.S. supermarket operators, greater scale and increased leverage in negotiations with vendors.
☆ Kroger to Buy Albertsons in $24.6 Billion Deal
  + stars: | 2022-10-14 | by ( Jaewon Kang | ) www.wsj.com   time to read: 1 min
Kroger said it is buying rival Albertsons Inc. in a deal that values the company at $24.6 billion, one of the biggest deals in the history of the grocery industry in the U.S.By combining, the companies would gain greater scale and leverage to negotiate with vendors. The deal would also bolster the grocers’ market share and technology to compete better with Walmart and Amazon.com
☆ Kroger-Albertsons Merger Would Create a Big Player in Retail Advertising
  + stars: | 2022-10-14 | by ( Patrick Coffee | ) www.wsj.com   time to read: +5 min
It also would create a big player in so-called retail media, one of advertising’s fastest-growing sectors. Kroger and Albertsons entered the retail advertising market in 2015 and 2021, respectively. Kroger and Albertsons don’t break out the ad revenue generated by their Kroger Precision Marketing and Albertsons Media Collective divisions. The merger of Kroger and Albertsons would create a fourth market leader at more than 13% market share, Mr. Lipsman said. For marketers, that would help simplify the retail ad market for consumer-goods brands and other advertisers who currently confront a rapidly increasing number of offerings.
☆ Kroger Pauses Buybacks to Prioritize Debt Reduction After Albertsons Deal Closes
  + stars: | 2022-10-14 | by ( Kristin Broughton | ) www.wsj.com   time to read: +4 min
The blockbuster transaction comes amid a slowdown in deal making, economic uncertainty and concerns among investors about companies that carry high levels of debt. Cincinnati-based Kroger said Friday that it will pay for the $24.6 billion deal with cash and proceeds from a new debt financing. The company secured a 364-day, $17.4 billion bridge loan from Citigroup Inc. and Wells Fargo & Co., it said in a securities filing. Kroger will temporarily pause buybacks with the goal of giving priority to debt reduction after the transaction closes, the company said Friday. The company on Friday didn’t say what its leverage ratio will be after the transaction closes.
☆ Kroger has to win over Wall Street and Washington on its Albertsons deal – here's how it plans to do that
  + stars: | 2022-10-14 | by ( Melissa Repko | ) www.cnbc.com   time to read: +5 min
In this article ACIKR Follow your favorite stocks CREATE FREE ACCOUNTA customer shops for eggs in a Kroger grocery store on August 15, 2022 in Houston, Texas. Brandon Bell | Getty ImagesKroger knows it needs the blessing of investors and federal regulators to pull off its $24.6 billion deal to buy rival grocery company Albertsons . If approved, the grocers would become a more formidable second place in terms of grocery market share behind Walmart . Together, the companies would capture nearly 16% of the U.S. grocery market, according to market researcher Numerator. That's because Wall Street has already seen a spree of grocer acquisitions — including some by Kroger and Albertsons — but no meaningful changes in profit margins.
☆ Kroger announces deal to merge with Albertsons to form a mega grocery chain
  + stars: | 2022-10-14 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: 1 min
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☆ Watch CNBC's full interview with Kroger CEO Rodney McMullen
  + stars: | 2022-10-14 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Kroger CEO Rodney McMullenKroger CEO Rodney McMullen joins 'Closing Bell' to discuss Kroger officially buying rival grocery company Albertsons in a $24 billion deal set to close in 2024, their plans for expansion after the integration, and the antitrust considerations that the merger presents.
☆ Stocks making the biggest moves midday: JPMorgan Chase, Albertsons, Tesla, Beyond Meat, Delta and more
  + stars: | 2022-10-14 | by ( Samantha Subin | ) www.cnbc.com   time to read: +5 min
Citigroup — Citigroup rose more than 1% after its third-quarter revenue climbed more than analysts expected, helped by rising interest rates. However, its earnings fell 25% from the year-earlier period as it bulked up its credit loss provisions and investment banking slumped. Wells Fargo — The bank stock was up 3% after Wells Fargo reported quarterly earnings and revenue that topped analysts' expectations. US Bancorp - Shares of US Bancorp rose 3.7% after the bank's third-quarter earnings came in above Wall Street analyst expectations. First Republic Bank — The bank stock dropped more than 14% after First Republic posted its third-quarter results.
☆ Bernie Sanders and Elizabeth Warren blast the $25 billion merger between grocers Kroger and Albertsons, one calling it an 'absolute disaster' for consumers
  + stars: | 2022-10-14 | by ( Avery Hartmans | ) www.businessinsider.com   time to read: +3 min
Senators Bernie Sanders and Elizabeth Warren blasted the Kroger-Albertsons merger. Sanders called it "an absolute disaster" for consumers that would result in higher grocery costs. The grocery store chains announced Friday that they've entered into a merger agreement that values the combined company at about $24.6 billion. "That's good for small businesses, it's good for consumers, and it actually, in many cases, reduces the need for regulatory oversight. And without local competition offering lower prices, consumers are stuck with nowhere else to stop.
☆ U.S. grocer Kroger carts away Albertsons for $25 bln but faces antitrust test
  + stars: | 2022-10-14 | by ( Aishwarya Venugopal Diane Bartz Abigail Summerville | Aishwarya Venugopal | Diane Bartz | ) www.reuters.com   time to read: +5 min
From a broader national perspective, a combined Kroger and Albertsons does not pose any major threat to the competitive dynamics of the market." Kroger said it expects to reinvest about half a billion dollars of cost savings from deal synergies to reduce prices for customers. "The merger will accelerate our position as a more compelling alternative to larger and non-union competitors," Kroger Chief Executive Officer Rodney McMullen said. Goldman Sachs and Credit Suisse were the financial advisors to Albertsons, while Citigroup and Wells Fargo advised Kroger. Kroger will have to pay Albertsons $600 million if the deal is terminated.
☆ What Cramer is watching Friday — Wells Fargo crushes it, bond yields sink on flat retail sales
  + stars: | 2022-10-14 | by ( Jim Cramer | ) www.cnbc.com   time to read: +4 min
Club holding Wells Fargo (WFC): net interest margin (NIM) in the third quarter 2.83% versus 2.68% expected. Revenue $19.51 billion versus $18.81 billion. Net interest income (NII) in Q3 $12.1 billion versus $11.6 billion expected. Guidance for Q4 NII $12.9 billion versus $12.42 billion expected. Q3 net interest income reported: $17.52 billion versus consensus $16.92 billion.
☆ Analysis: Kroger looks to fight both inflation and Walmart with new merger
  + stars: | 2022-10-14 | by ( Arriana Mclymore Siddharth Cavale | Arriana Mclymore | Siddharth Cavale | ) www.reuters.com   time to read: +4 min
A 20-ounce packet of Sara Lee Classic White Sandwich bread goes for $2.50 at Kroger, compared to $2.24 at Walmart. Nearly two-thirds of Kroger's 2,700 stores are unionized, like a "majority" of Albertsons stores, the United Food and Commercial Workers Union says on its website. Grocery stores such as Kroger, Albertsons, in contrast, are often forced to rely on coupons or buy-one-get-one-free promotions funded by companies like P&G and Conagra in order to compete. Euromonitor data shows that 25.2% of all dollars spent on groceries in the United States last year went to Walmart, while Kroger got 8.1% and Albertsons 4.8%. Walmart shoppers have a median income of $73,000.
☆ Kroger to buy rival grocery company Albertsons for $24.6 billion
  + stars: | 2022-10-14 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKroger to buy rival grocery company Albertsons for $24.6 billionGrocery chains Kroger and Albertsons will join forces in a deal worth $34.10 for Albertsons' shareholders. CNBC's 'Squawk Box' team reports.
☆ Kroger to acquire rival Albertsons in near $25 billion deal
  + stars: | 2022-10-14 | by ( ) www.reuters.com   time to read: 1 min
Oct 14 (Reuters) - Supermarket chain Kroger Co (KR.N) said on Friday it will buy smaller rival Albertsons Companies Inc (ACI.N) in a $24.6 billion deal. Kroger said it will pay $34.10 for each Albertsons share, representing a premium of about 33% to the stock's last closing price on Wednesday, a day before media reports of a deal between the two surfaced. The merger would create a supermarket titan, bringing together more than 2,700 Kroger stores across the United States and over 2,200 Albertsons locations. The combined entity is expected to have annual sales of around $210 billion. Register now for FREE unlimited access to Reuters.com RegisterReporting by Deborah Sophia in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
☆ Stocks making the biggest moves premarket: Albertsons, JPMorgan Chase, Beyond Meat and more
  + stars: | 2022-10-14 | by ( Peter Schacknow | ) www.cnbc.com   time to read: +2 min
JPMorgan Chase (JPM) – JPMorgan Chase shares added 2.3% in the premarket after beating top and bottom line estimates for the third quarter. The bank's results were boosted by higher net interest income, helping offset lower deal-making revenue and higher loan loss reserves. UnitedHealth Group (UNH) – The health insurer rose 1.6% in the premarket after beating top and bottom line estimates for the third quarter and raising its outlook. Nutanix (NTNX) – The cloud computing company's shares surged 15.9% in the premarket after the Wall Street Journal reported that Nutanix is exploring a possible sale. Beyond Meat (BYND) – Beyond Meat slumped 8.7% in the premarket after reducing its revenue outlook and announcing another round of job cuts, pointing to reduced demand for its plant-based meat products and increasing competition.
☆ October's wild trading could give way to a new stock rally, as earnings roll out in the week ahead
  + stars: | 2022-10-14 | by ( Patti Domm | In | ) www.cnbc.com   time to read: +8 min
But Emanuel sees the chance for a 17% to 20% rally in the S & P 500. The S & P 500 was down about 0.9% for the week, as of Friday afternoon, and it was hovering just above 3,600. S & P 500 earnings are expected to grow by 3.6% for the third quarter, based on actual reports and estimates, according to Refinitiv. Without the boost from more than doubling profits from energy companies, S & P earnings would decline by 3.1%. Week ahead calendar Monday Earnings: Bank of America , Bank of NY Mellon, Charles Schwab 8:30 a.m.
☆ Kroger to buy Albertsons in $24 billion dollar deal
  + stars: | 2022-10-14 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKroger to buy Albertsons in $24 billion dollar dealKroger CEO Rodney McMullen joins 'Closing Bell' to discuss Kroger officially buying rival grocery company Albertsons in a $24 billion deal set to close in 2024, their plans for expansion after the integration, and the antitrust considerations that the merger presents.
☆ Factbox: Mega merger talks turn spotlight on Kroger, Albertsons
  + stars: | 2022-10-13 | by ( ) www.reuters.com   time to read: 1 min
Oct 13 (Reuters) - Grocery giant Kroger Co (<KR.N>) is in talks to merge with smaller rival Albertsons Companies Inc (<ACI.N>), Bloomberg News reported on Thursday, in what would be one of the biggest deals in the U.S. retail landscape in recent years. A potential deal would create a combined company with a market cap of about $47 billion and nearly $210 billion in annual sales. Here are some key facts about the grocers:Register now for FREE unlimited access to Reuters.com RegisterReporting by Deborah Sophia in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.
☆ U.S. grocer Kroger in talks to merge with rival Albertsons - Bloomberg News
  + stars: | 2022-10-13 | by ( ) www.reuters.com   time to read: +1 min
Oct 13 (Reuters) - U.S. grocery giant Kroger Co (KR.N) is in talks to merge with smaller rival Albertsons Companies Inc (ACI.N), Bloomberg News reported on Thursday, citing people familiar with the matter. Shares of Albertsons rose 7% on the report, while Kroger's stock slipped. Kroger, which also houses supermarket chains such as Fred Meyer, Ralphs and King Soopers, trails Walmart Inc (WMT.N), the top grocer in the country. A deal could be reached as soon as this week, Bloomberg reported, adding that no final decision has been taken and talks could still be delayed or falter. Register now for FREE unlimited access to Reuters.com RegisterReporting by Aishwarya Venugopal in Bengaluru; Editing by Shinjini Ganguli and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.
☆ Kroger and Albertsons in Deal Talks to Create Supermarket Powerhouse
  + stars: | 2022-10-13 | by ( Cara Lombardo | Jaewon Kang | ) www.wsj.com   time to read: 1 min
A Kroger-Albertsons combination would be expected to face an antitrust review because the companies’ stores overlap in some markets. Kroger is in discussions with smaller rival Albertsons Inc. over a potential combination that could unite the two largest supermarket operators in the U.S., according to people familiar with the matter. A deal could be announced as soon as this week, assuming talks don’t fall apart, the people said.
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