Albertsons is giving up on its merger with Kroger and it is suing the grocery chain, saying it didn’t do enough to secure regulatory approval for the $24.6 billion agreement.
Kroger and Albertsons in 2022 proposed what would be the largest grocery store merger in U.S. history. The companies said a merger would help them better compete with big retailers like Walmart, Costco and Amazon. But the Federal Trade Commission sued to block the merger earlier this year, saying it would raise prices and lower workers' wages by eliminating competition. It also said the divestiture plan was inadequate and that C&S was ill-equipped to take on so many stores.
Albertsons said Kroger refused to divest the assets necessary for antitrust approval, ignored regulators' feedback and rejected stronger divestiture buyers.
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