Some expressed concern that the transaction would lead to higher food prices in an already-concentrated grocery store market.
“The companies assure us that this is the merger that will make everything better,” Lee said during a hearing in Washington with the two CEOs, noting that the duo pledged to reduce prices and update stores. “Of course, they haven’t explained how we can be sure that these commitments will actually be fulfilled.”
“This merger will enhance competition, lower prices, improve the customer experience and create investments in our associates while securing the long-term future of union jobs,” Kroger CEO Rodney McMullen said during the hearing. The merger partners have said they expect to close the deal in early 2024, but the outcome of a potentially lengthy antitrust review by the Federal Trade Commission remains far from certain. Under Chair Lina Khan, who is pursuing an aggressive antitrust agenda, the FTC has taken a dim view of mergers that require extensive divestitures, as is expected in the Kroger-Albertsons deal.
In announcing the deal, Kroger and Albertsons said they would divest as many as 375 stores to win regulatory approval, although Kroger suggested in a federal filing that 650 was the upper limit. The companies operate a combined total of almost 5,000 stores. For comparison, Walmart has about 5,300 in the U.S., including its Sam’s Club warehouse locations.
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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.
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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.
แหล่ง: Reuters - 🏆 2. / 97 อ่านเพิ่มเติม »
Albertsons, Kroger CEOs defend $25 bln merger to skeptical U.S. senatorsTop executives at Kroger Co and Albertsons Companies Inc on Tuesday defended their planned $25 billion merger before skeptical lawmakers who fear the deal would push up food prices at a time of high inflation.
แหล่ง: Reuters - 🏆 2. / 97 อ่านเพิ่มเติม »
Kroger, Albertsons CEOs Defend Grocery Merger at Senate HearingThe CEOs of the Kroger and Albertsons supermarket chains defended their proposed $20 billion merger at a Senate subcommittee hearing Tuesday, and vowed to keep prices low and protect workers’ jobs if the deal passes Yeah right And shareholders *cough* hedgefunds *cough* will get the gold. And they're defending it? No shame, when you also line pockets.. Many price in conect with distributors
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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!!!!
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