Kroger, Albertsons CEOs Defend Grocery Merger at Senate Hearing

from elected officials, independent retailers and some union groups over its potential impact on workers’ jobs, as well as on industry competition and food prices for consumers. Some lawmakers in Washington have said they worry the merger could hinder competition, including Amy Klobuchar , the Senate subcommittee’s chair.

Mr. McMullen said the combined entity intends to keep prices low and won’t lay off any front-line workers in stores, warehouses and manufacturing facilities as part of the merger. He added that price cuts would start immediately, and that the companies expect to invest $500 million over four years on that effort.Albertsons’s Mr. Sankaran said that his company determined that merging with Kroger represented the best way to compete against Amazon.com Inc. and Walmart Inc.

Kroger and Albertsons are working with the FTC to determine the number of stores the companies may need to sell to secure approval for their deal. The chains have said they expect the regulatory review process to take as long as two years, with the deal closing in early 2024. In grocery-sector deals,on examining market share and overlaps in specific geographic regions.

A group of state attorneys general has asked Albertsons to delay a $4 billion dividend payment, announced when the companies agreed to their merger, until antitrust officials finished reviewing the deal. The attorneys general have said the dividend could hurt Albertsons’ ability to compete with Kroger and other grocers, particularly if the deal doesn’t go through.

Please merge and still sell lobster

Kroger ruined Fred Meyers. Got rid of the My-TE-Fine House Brand, reduced size of Departments, got rid of Fred Meyer concept 1-stop shopping & customer service. Safeway, Fred Meyer (Kroger), Albertsons. Joe Albertson would roll in his grave. Too, much of a monopoly. kroger

AGRI FOOD RETAIL BUSINESS ENTREPRENEURS TO INVEST FOR MORE FOOD GRAINS, VEGETABLES PRODUCTION, STORAGE, SUPPLY, TECHNOLOGY, TRANSPORTATION, MARKETING, TO REDUCE DAMAGE, EVAPORATION. RETAIL DISPLAY BASED BUSINESS MAY TAKEN OVER BY E-COMMERCE PLATFORMS WITH PRODUCERS, CONSUMERS.

WORKERS: UNIONIZE UNIONIZE UNIONIZE UNIONIZE UNIONIZE UNIONIZE UNIONIZE UNIONIZE UNIONIZE UNIONIZE UNIONIZE

This was always inevitable and just a matter of time. Amazon and Walmart are actually the gorillas in the room.

Guess I’m buying Kroger stock next

BS

'vow' doesn't seem like a legally binding term

Yeah right

One way or another, avg consumers will get screwed.

I don't know about elsewhere, but I know that the prices at the Kroger-owned Pick 'n Save and Metro Market stores are not low prices. At least I can go to Woodman's and spend far less than Kroger wants.

Yeah right

It’s the opposite like everything these people do

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

Yeah right

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Source: Reuters - 🏆 2. / 97 Read more »

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.
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