Albertsons sues Kroger, backs out of $25B merger after courts block the deal

multibillion dollar dealTwo federal judges in Oregon and Washington blocked the merger Tuesday, siding with the Federal Trade Commission, which has opposed the plan, arguing it would eliminate competition and raise prices for American shoppers.

"Rather than fulfill its contractual obligations to ensure that the merger succeeded, Kroger acted in its own financial self-interest, repeatedly providing insufficient divestiture proposals that ignored regulators' concerns," Moriarty claimed in a statement. "Kroger's self-serving conduct, taken at the expense of Albertsons and the agreed transaction, has harmed Albertsons' shareholders, associates and consumers.

Following a three-week hearing in Portland, Oregon, U.S. District Court Judge Adrienne Nelson issued a temporary injunction blocking the merger on Tuesday. Kroger operates 2,800 stores across 35 states, with brands including Ralphs, Smith's and Harris Teeter. Albertsons operates 2,273 stores in 34 states, including brands like Safeway, Jewel Osco and Shaw's.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Federal judge blocks Kroger's $25B acquisition of AlbertsonsA federal judge issued a ruling that blocks the proposed $25 billion merger between Albertsons and Kroger, which critics argued would reduce competition in the grocery industry.
La source: FoxBusiness - 🏆 458. / 53 Lire la suite »

Albertsons terminates $25B merger, files suit against KrogerAlbertsons on Wednesday terminated its $25 billion merger agreement with Kroger after the U.S. District Court in Oregon and the King County Superior Court for the State of Washington blocked the deal.
La source: KSLcom - 🏆 549. / 51 Lire la suite »

After court loss, Albertsons backs out of merger with Kroger, sues grocery chainAlbertsons says it is giving up on joining forces with Kroger and has filed a lawsuit, accusing the chain of failing to do enough to win government approval for the deal.
La source: latimes - 🏆 11. / 82 Lire la suite »

Court blocks Kroger's $25 billion acquisition of grocery rival AlbertsonsThe FTC argued the merger would eliminate head-to-head competition between the top two traditional grocery chains, leading to higher prices for shoppers.
La source: CNBC - 🏆 12. / 72 Lire la suite »

Court blocks Kroger’s $25 billion acquisition of rival AlbertsonsA U.S. judge blocked the pending $25 billion merger of U.S. grocery chains Kroger and Albertsons on Tuesday, siding with the U.S. Federal Trade Commission in...
La source: dallasnews - 🏆 18. / 71 Lire la suite »