FTC Takes Action to Block $24.6 Billion Kroger and Albertson's Merger, Citing Antitrust Concerns
The FTC issued an administrative complaint and authorized a federal lawsuit to block the $24.6 billion merger. Nine state attorneys general have joined the lawsuit, arguing the deal would raise grocery prices and hurt workers. Kroger and Albertsons had planned divestments of over 400 stores, but the FTC says this is not enough to address antitrust concerns. Combined, the companies would have about 5,000 stores nationwide across banners like Kroger, Safeway, and Tom Thumb. The FTC expressed concerns that Kroger's merger would reduce workers' bargaining power and create a monopoly on unionized grocery employment.
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00:00 It's Benzinga and here's what's on the block.
00:02 The FTC issued an administrative complaint and authorized a federal lawsuit to block the $24.6
00:07 billion merger. Nine state attorneys general have joined the lawsuit, arguing the deal would raise
00:13 grocery prices and hurt workers. Kroger and Albertsons had planned divestments of over 400
00:18 stores, but the FTC says this is not enough to address antitrust concerns. Combined, the
00:23 companies would have about 5,000 stores nationwide across banners like Kroger, Safeway, and Tom Thumb.
00:29 The FTC expressed concerns that Kroger's merger would reduce workers' bargaining power and create
00:34 a monopoly on unionized grocery employment. For all things money, visit Benzinga.com.