Huge update in Albertsons and Kroger merger that experts warned would push up prices
Albertsons has backed out of its $25 billion merger with Kroger, and is suing the grocery chain, saying it did not do enough to secure regulatory approval for the agreement. On Wednesday, Albertsons said that Kroger failed to exercise 'best efforts' and to take 'any and all actions' to secure regulatory approval of the proposed merger, according to AP News. Albertsons has backed out of its $25 billion merger with Kroger, and is suing the grocery chain, saying it did not do enough to secure regulatory approval for the agreement 'Kroger's self-serving conduct, taken at the expense of Albertsons and the agreed transaction, has harmed Albertsons' shareholders, associates and consumers,"' said Tom Moriarty, Albertsons' general counsel, in a statement. A customer picks up bacon at a Safeway supermarket, a subsidiary of Albertsons, in Washington, DC, in October 2022 Federal and state judges blocked the merger deal between Albertsons and Kroger on Tuesday, which would have been the largest grocery store merger in US history The two chains compete in 22 states, but have significant overlap in some markets, including Los Angeles, Seattle and Chicago.
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