Albertsons and Kroger CEOs testify in pivotal trial over $24.6 billion merger

If allowed to continue, it would be the largest supermarket merger in U.S. history but there have been multiple legal challenges, and the case is also in federal court as authorities decide whether or not the merger is legal.

Sankaran painted a picture of a highly competitive landscape in the industry that’s put the company in the position of needing this merger to continue to compete and thrive. Washington state has sued to block the merger with the Attorney General’s office alleging this proposed merger is anti-competitive and will have negative effects on employees and customers including raising prices.

But Kroger disputes that, saying they would start lowering prices starting on day one of the merger with a plan to reduce prices on 650 items within 90 days.If the merger goes through, Kroger and Albertsons plan to sell 579 overlapping stores, including 124 in Washington state, to ease regulator concerns, but there are concerns the proposed buyer of those stores is not equipped to run the stores.

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Albertsons and Kroger CEOs Testify in Court as FTC Seeks to Block MergerCEOs of Albertsons and Kroger testified in a federal court hearing in Portland, Oregon, as the Federal Trade Commission (FTC) seeks to block their proposed merger. The FTC argues that the merger would reduce competition and harm consumers. Meanwhile, the CEOs claimed that the combined company would lower prices and create jobs.
Fuente: AP - 🏆 728. / 51 Leer más »