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Kroger is aiming to buy its rival, Albertsons, to form a massive grocery chain in the United States. The former is investing $24.6 billion in the takeover.
If Kroger and Albertsons merge, their combined value will be around $50 billion thus, they will really create a gigantic grocery business in the U.S. As per CNBC, the deal is an all-cash transaction. When the merger was first reported, the information about it was still confidential and only shared by people familiar with the matter.
Shares of Albertsons soared when the news of its deal with Kroger made headlines on Thursday, Oct. 13. It became apparent that the talks about the acquisition between the companies were already deep when the Cinncinati, Ohio-based retail firm released a statement confirming the merger.
The Kroger Company announced its definitive merger agreement with Albertsons. The companies said their deal establishes a national footprint to serve the country's citizens with fresh and affordable food.
"We are bringing together two purpose-driven organizations to deliver superior value to customers, associates, communities and shareholders," said Rodney McMullen, Kroger Chairman and Chief Executive Officer, who will continue serving as Chairman and CEO of the combined company press release. "Albertsons Cos. brings a complementary footprint and operates in several parts of the country with very few or no Kroger stores.
He added, “This merger advances our commitment to build a more equitable and sustainable food system by expanding our footprint into new geographies to serve more of America with fresh and affordable food and accelerates our position as a more compelling alternative to larger and non-union competitors.”
Meanwhile, U.S. Sen. Bernie Sanders blasted the Kroger and Albertsons merger and called the deal an “absolute disaster.” he is now calling on the White House to stop the acquisition.
In a tweet, the senator said, “At a time when food prices are soaring as a result of corporate greed, it would be an absolute disaster to allow Kroger, the 2nd largest grocery store in America, to merge with Albertsons, the 4th largest grocery store in America.”
