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.
The hearing was called by Klobuchar along with Senator Mike Lee, the top Republican on an antitrust panel of the Senate Judiciary Committee. Klobuchar chairs the subcommittee. "The hearing will examine the impact of the proposed merger of Kroger and Albertsons, the two largest grocery chains in the country," the statement said.
The FTC is expected to aggressively review the deal to ensure it complies with antitrust law. To counter criticism, the companies said they plan to divest some stores and Albertsons said it was ready to spin off a standalone unit to its shareholders immediately before the deal's close, likely in early 2024. The new public company is estimated to comprise as many as 375 stores.
The mega merger between the No. 1 and 2 standalone grocers in the United States would bring under one roof nearly 5,000 stores that include banners such as Albertsons' Safeway and Kroger-owned Ralphs and Fred Meyer.Reporting by Diane Bartz; Editing by Cynthia OstermanFocused on U.S.
An increasingly monopolized retail food supply will be a bad bad thing for everyday people… and small farmers too. I blame Earl Butz.
They are the same co.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk personally called CEOs of companies that pulled Twitter adsElon Musk personally called CEOs of companies that stopped advertising on Twitter to complain, report says Sounds like a good leader. Winning business back. Calling his customers. You should change your handle to everythingelonmusk. You guys are pathetic. Rather than report news you are targeting a single individual. It is better you stick to 'why so expensive' and 'The making of'. That is what you are good at.
Source: BusinessInsider - 🏆 729. / 51 Read more »