• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

Albertsons sues Kroger after judge rules against grocery merger

by December 11, 2024
written by December 11, 2024

Albertsons on Wednesday formally terminated its proposed $25 billion merger with Kroger and filed a lawsuit against its supermarket competitor, saying Kroger violated its contract and didn’t follow through on commitments to help get the deal approved.

It comes a day after a judge blocked the planned tie-up.

In a news release, Albertsons said Kroger broke its merger agreement “by repeatedly refusing to divest assets necessary for antitrust approval, ignoring regulators’ feedback, rejecting stronger divestiture buyers and failing to cooperate with Albertsons.”

“Kroger’s self-serving conduct, taken at the expense of Albertsons and the agreed transaction, has harmed Albertsons’ shareholders, associates and consumers,” Albertsons’ General Counsel and Chief Policy Officer Tom Moriarty said in a statement. “We are disappointed that the opportunity to realize the significant benefits of the merger has been lost on account of Kroger’s willfully deficient approach to securing regulatory clearance.”

In a statement, Kroger called the allegations in the lawsuit “baseless and without merit.”

“This is clearly an attempt to deflect responsibility following Kroger’s written notification of Albertsons’ multiple breaches of the agreement, and to seek payment of the merger’s break fee, to which they are not entitled,” the company’s statement said.

About two years ago, Kroger announced plans to buy Albertsons and combine forces to fend off Walmart, Amazon and Costco. The deal would have put nearly 40 supermarket chains, including Kroger’s Fred Meyer and Albertsons’ Safeway under a single company.

The lawsuit Wednesday amounts to something of a corporate divorce battle.

The companies are at odds about who should pay for the legal fees associated with the merger and who, if anyone, is responsible for paying a breakup fee.

Albertsons said in its news release that it is owed both a $600 million termination fee and “relief reflecting the multiple years and hundreds of millions of dollars it devoted to obtaining approval for the merger, along with the extended period of unnecessary limbo Albertsons endured as a result of Kroger’s actions.”

Kroger, on the other hand, pushed back against payments to Albertsons in its statement and said it “looks forward to responding to these baseless claims in court.”

Shares of Albertsons and Kroger were up about 0.5% and 1%, respectively, in early trading Wednesday.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
House GOP fiscal hawks warn Trump tax cuts in danger of expiring under new Senate-backed plan
next post
Republican military vets in Congress are on a mission to get Hegseth confirmed

related articles

Customers sue sneaker company On over shoes that...

October 20, 2025

Giorgio Armani group names longtime executive Giuseppe Marsocci...

October 17, 2025

LendingTree founder and CEO Doug Lebda dies in...

October 15, 2025

UPS is ‘disposing of’ U.S.-bound packages over customs...

October 13, 2025

China outlines more controls on exports of rare...

October 10, 2025

Paramount acquires Bari Weiss’ The Free Press, naming...

October 7, 2025

YouTube to pay $24 million to settle Trump...

October 1, 2025

Charlie Javice sentenced to 7 years in prison...

October 1, 2025

Video game maker Electronic Arts to be acquired...

October 1, 2025

Nearly 200,000 BMWs recalled over potential fire risk

September 30, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Trump-Putin meeting agreed upon ‘in principle,’ Kremlin aide indicates

    August 7, 2025
  • Israel’s strike in Qatar triggers rare US rebuke, tests Trump’s Gulf diplomacy

    September 11, 2025
  • US stocks tumble amid weak economic data: What went wrong?

    August 1, 2024
  • Biden admin outlaws Palestinian organization for funding terrorism: ‘Sham charity’

    October 16, 2024
  • Epstein estate hit with new House subpoena for ‘client list,’ call logs

    August 25, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (6,509)
  • Investing (634)
  • Stock (941)

Latest Posts

  • European stocks gain on auto tariff hopes, but LVMH slump clouds outlook

    April 15, 2025
  • Trump says ‘tremendous bad blood’ between Zelenskyy, Putin delaying peace deal despite Middle East momentum

    October 17, 2025
  • Long ACN: strong bullish momentum backed by strategic acquisition and AI-driven revenue growth prospects

    July 23, 2024

Recent Posts

  • Caroline Ellison, former FTX exec, sentenced to 2 years in prison

    September 25, 2024
  • Short MSFT: break of trend support and disappointing azure revenue signal near-term downtrend potential

    July 31, 2024
  • Trump says Zelenskyy wants to back out of mineral deal, addresses 3rd term during gaggle

    March 31, 2025

Editor’s Pick

  • Essence Fest leads a summer of events for Black entrepreneurs galvanized by economic uncertainty

    July 4, 2025
  • As Trump eyes more tariffs, South Korea remains safe haven for GM and Hyundai

    February 14, 2025
  • Former FBI Director Robert Mueller has Parkinson’s disease: report

    September 1, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock