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Albertsons abandons $25 billion merger with Kroger after judge blocks deal

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Albertsons,Kroger

Albertsons said it is calling off its merger with Kroger and is suing the rival grocery chain for breach of contract.

Albertsons on Wednesday called off its $24.6 billion merger with Kroger, a day after a judge temporarily blocked the union, and sued the rival grocery chain for breach of contract. 'Given the recent federal and state court decisions to block our proposed merger with Kroger, we have made the difficult decision to terminate the merger agreement,' Albertsons CEO Vivek Sankaran said in a statement. 'We are deeply disappointed in the courts' decisions.

Albertsons alleges that Kroger failed 'to exercise 'best efforts' and to take 'any and all actions' to secure regulatory approval of the companies' agreed merger transaction, as was required of Kroger under the terms of the merger agreement between the parties,' according to the statement. In an email to CBS News, Kroger called Albertsons' claims 'baseless and without merit.

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