Albertsons’ $24.6 billion merger with Kroger blocked by judge

A judge blocked Kroger Co.’s $24.6 billion acquisition of Albertsons Cos., finding the takeover would lessen competition for US grocery shoppers, in a ruling that marks a likely death knell for the deal. The Albertsons logo is displayed at an Albertsons supermarket on Aug. 26, 2024 in Los Angeles. , finding the takeover would lessen competition for US grocery shoppers, in a ruling that marks a likely death knell for the deal.

“Today’s win protects competition in the grocery market, which will prevent prices from rising even more,” said FTC spokesperson Douglas Farrar. “This statement makes it clear that strong, reality-based antitrust enforcement delivers real results for consumers, workers, and small businesses.”A C&S Wholesale spokesperson said the company is disappointed by the court’s decision and that it looks forward to seeing how Kroger and Albertsons will determine the next steps of the proposed deal.

The ruling marks a disappointing end to a two-year odyssey by Kroger and Albertsons, which sought to become a bigger player with a more substantial national footprint to better compete against larger, non-unionized rivals including Walmart Inc. The proposed deal has been a political hot potato, drawing pushback from elected officials, union groups and consumer advocacy firms. The companies vowed to spend $1 billion to cut prices, $1.3 billion to improve store conditions and $1 billion to raise worker wages and benefits following the deal.

The FTC argued that the deal would harm consumers by eliminating competition on prices and quality, making the combined entity less likely to improve its services by offering flexible hours and pickup services. It said the grocers would have more leverage over workers, which would slow wage growth and worsen benefits, and that the proposed divestiture would be inadequate.

इंडिया ताज़ा खबर, इंडिया मुख्य बातें

Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।

Judge rules to block $24.6 billion Kroger-Albertsons mergerA federal judge ruled Tuesday to block a $24.6 billion merger between American grocery giants Kroger and Albertsons.
स्रोत: nbcchicago - 🏆 545. / 51 और पढो »

Federal judge temporarily halts Kroger and Albertsons proposed mergerA federal judge has temporarily halted a proposed merger between supermarket giants Kroger and Albertsons, an action that could scuttle the deal.
स्रोत: 10News - 🏆 732. / 50 और पढो »

Federal judge temporarily halts Kroger, Albertsons proposed mergerA federal judge has temporarily halted a proposed merger between supermarket giants Kroger and Albertsons, an action that could scuttle the deal.
स्रोत: FOXLA - 🏆 445. / 53 और पढो »

Judge blocks Albertsons-Kroger $25 billion supermarket mergerRob Wile is a Pulitzer Prize-winning journalist covering breaking business stories for NBCNews.com.
स्रोत: NBCNews - 🏆 10. / 86 और पढो »

Federal judge blocks merger of Kroger and Albertsons, citing threat to competitionThe temporary injunction, which halts the merger while a Federal Trade Commission proceeding plays out, is expected to effectively torpedo that deal.
स्रोत: adndotcom - 🏆 293. / 63 और पढो »

Federal judge temporarily halts proposed Kroger and Albertsons supermarket mergerA federal judge has temporarily halted a proposed merger between supermarket giants Kroger and Albertsons, an action that could scuttle the deal
स्रोत: ABC - 🏆 471. / 51 और पढो »