before skeptical lawmakers who fear the deal would push up food prices at a time of high inflation.
Added Albertsons' CEO, Vivek Sankaran, according to written remarks: "I’d like to add that this transaction is good forIn their opening remarks, Senators Amy Klobuchar, a Democrat and subcommittee chair, and Mike Lee, the top Republican on the panel, both pointed to Albertsons' 2015 purchase of Safeway as a cautionary tale for the proposed merger.
. U.S. consumer prices rose less than expected in October, pushing the annual increase below 8% for the first time in eight months. Food prices increased 0.6%. The companies have said they expect to sell between 100 and 375 stores to allay government concerns. Ideally, they would like to find buyers for the facilities but could also put them into a new company that would be owned by Albertsons' shareholders. UBS has said it believes the plan will satisfy antitrust enforcers.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Source: Reuters - 🏆 2. / 97 Read more »
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!!!!
Source: axios - 🏆 302. / 63 Read more »
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.
Source: KSLcom - 🏆 549. / 51 Read more »
Kroger, Albertsons CEOs to face congressional questions on planned U.S. mergerKroger CEO Rodney McMullen and Albertsons' 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. They are the same co. An increasingly monopolized retail food supply will be a bad bad thing for everyday people… and small farmers too. I blame Earl Butz.
Source: Reuters - 🏆 2. / 97 Read more »
Workers, government officials raise concerns about Kroger-Albertsons merger as congressional hearing gets underwayMembers of the United Food and Commercial Workers unions representing more than 100,000 Kroger and Albertsons employees in 12 states and Washington, D.C., at the U.S. Capitol on Tuesday as a congressional hearing on the proposed deal got underway.
Source: denverpost - 🏆 13. / 72 Read more »
UFCW Local 7 president, members in D.C. ahead of Kroger-Albertsons merger hearingKim Cordova, president of UFCW Local 7, which represents King Soopers and Safeway workers in Colorado, worries the merger could result in job losses and store closures. via PattrikPerez
Source: DenverChannel - 🏆 239. / 63 Read more »