A bipartisan Senate panel on Tuesday expressed skepticism toward the planned merger of grocery-store chains Kroger Co. and Albertsons Cos., with lawmakers raising questions about the prospect of higher food prices, stifled competition and an expansion of so-called “food deserts” where supermarket access is scarce.
The merger agreement between Kroger KR, +1.06% and Albertsons ACI, +0.96% — a $24.6 billion deal struck in October that would create a company with nearly 5,000 stores — has landed after a year in which food prices have surged and inflation is coming off four-decade highs. The price increases, which also follow years of consolidation in the grocery industry, have padded grocery stores’ bottom lines and led to big investor payouts.
“Today the industry is larger, more complex and more competitive, with near endless opportunities and options of where and how to shop,” he said. “Customers purchase food everywhere from Walmart and Trader Joe’s to Costco and Aldi, to Dollar General, 7-Eleven, Walgreens and restaurants, for example.”
Sumit Sharma, a senior researcher at Consumer Reports, told lawmakers that the companies’ plans to lower prices weren’t a given. And he said store divestments don’t always work.
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Kroger, Albertsons CEOs to face congressional questions on planned U.S. mergerKroger CEO Rodney McMullen and Albertsons' top executive, Vivek Sankaran, will face questions this week on plans for the two giant grocery companies to merge in a $25 billion deal, Senator Amy Klobuchar's office said in a statement. They are the same co. An increasingly monopolized retail food supply will be a bad bad thing for everyday people… and small farmers too. I blame Earl Butz.
Herkunft: Reuters - 🏆 2. / 97 Weiterlesen »
UFCW Local 7 president, members in D.C. ahead of Kroger-Albertsons merger hearingKim Cordova, president of UFCW Local 7, which represents King Soopers and Safeway workers in Colorado, worries the merger could result in job losses and store closures. via PattrikPerez
Herkunft: DenverChannel - 🏆 239. / 63 Weiterlesen »
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Herkunft: WSJ - 🏆 98. / 63 Weiterlesen »
Kroger and Albertsons CEOs head to Capitol Hill for merger hearingThe Senate is holding a hearing today on Kroger's proposed $24.6B purchase of rival Albertsons. Here's what to know. TheDemocrats we do NOT need another huge Monopoly NO! We don't need fewer grocery store owners w/just a bunch of different names, giving the illusion of competitioin. EndMonopolies FTC NO MORE MONOPOLIES Honor Antitrust laws!!!!
Herkunft: axios - 🏆 302. / 63 Weiterlesen »
Albertsons, Kroger CEOs to defend $25B merger to skeptical senatorsTop executives at Kroger and Albertsons 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. Lawmakers are far more responsible for inflation than anything that Kroger and Albertsons could do. And lawmakers have had nothing to do with inflation? Look in the mirror.
Herkunft: KSLcom - 🏆 549. / 51 Weiterlesen »
Albertsons, Kroger CEOs to defend $25 bln merger to skeptical U.S. senatorsTop executives at Kroger Co and Albertsons Companies Inc 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.
Herkunft: Reuters - 🏆 2. / 97 Weiterlesen »