FTC sues to block $25B Kroger-Albertsons deal, cites fears of grocery price hikes
NY Post
The Federal Trade Commission and eight states said Monday they are suing to block supermarket chain Kroger’s $24.6 billion deal to buy smaller rival Albertsons, saying it would boost grocery prices for millions of Americans.
The deal, which would create a grocery empire with more than 4,000 stores, has drawn tough scrutiny from lawmakers and consumer groups worried about higher grocery prices, job losses, store closures and diminishing choice for consumers.
The FTC charged the deal will eliminate “fierce competition between Kroger and Albertsons “leading to higher prices for groceries and other essential household items for millions of Americans.”
Shares of Kroger were trading 1% lower. Albertsons stock rose 0.7%.
Kroger defended its deal, saying it has reduced prices every year since 2003 and would apply its business model to the merged company.
The FTC’s legal efforts “only strengthens larger, non-unionized retailers like Walmart, Costco and Amazon by allowing them to further increase their overwhelming and growing dominance of the grocery industry,” Kroger said in a statement.
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