SEATTLE — Washington’s top lawyer has asked a court to stop Albertsons from paying investors a $4 billion dividend set to be paid out ahead of the grocery retailer’s proposed merger with rival Kroger.
To get its merger approved, Kroger and Albertsons must sell hundreds of competing locations with too much market overlap to a competitor. That process, known as divestiture, could affect numerous stores in Washington.In the greater Seattle area alone, Kroger and Albertsons each have around 80 locations, according to company data, and often appear to be the other’s biggest local competitor.
The merger has also prompted concerns from Seattle-area shoppers, who worry that some divested stores could end up closing, as happened after the 2015 merger between Albertsons and Safeway. Last week, Ferguson co-signed a letter by five other attorneys general threatening to sue Albertsons if the retailer didn’t postpone the dividend payment.
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