Feds try to block Kroger and Albertson’s supermarket merger

Published: Aug 26, 2024 Duration: 00:01:49 Category: Entertainment
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>> Sade: NOW THE TRIAL THAT COULD DECIDE WHETHER A SUPERMARKET MEGAMERGER WILL HAPPEN. KROGER AND ALBERTSON'S ARE HOPING TO JOIN FORCES BUT THERE'S PLENTY OF OPPOSITION TO THE $25 BILLION MERGER. EVA PILGRIM IS HERE WITH WHAT'S AT STAKE FOR THE TWO COMPANIES AS WELL AS FOR SHOPPERS AND WORKERS. GOOD MORNING, EVA. >> GOOD MORNING, SADE. THE KROGER AND ALBERTSON'S DEAL WOULD BE THE LARGEST MERGER EVER BUT THE FEDS ARE TRYING TO BLOCK IT SAYING IT'S BACK FOR SHOPPERS. THE FTC, STATES OF COLORADO AND WASHINGTON, ALL FILING A LAWSUIT TRYING TO STOP THE NEARLY $25 BILLION MERGER. THE FTC SAID IT WOULD ELIMINATE COMPETITION AND RAISE GROCERY PRICES FOR MILLIONS OF AMERICANS ALREADY STRUGGLING WITH INFLATION AND HIGH PRICES, LEARNING THE QUALITY OF YOUR GROCERIES COULD SUFFER AS WELL. THE AGENCY ALSO CLAIMS THE MERGER WOULD MAKE IT MORE DIFFICULT FOR WORKERS TO EARN HIGHER WAGES AND MAINTAIN BETTER BENEFITS. BUT THE GROCERY CHAINS ARE SWINGING BACK HARD AGAINST THE LAWSUIT SAYING THE MERGER IS NECESSARY TO STAY COMPETITIVE WITH RETAIL GIANTS BIBBING COSTCO AND WAL-MART SAYING THE DEAL WOULD ENHANCE JOB SECURITY FOR WORKERS AND WOULD LOWER PRICES. A FEDERAL JUDGE IN OREGON WILL LOOK AT THIS CASE AND DECIDE WHETHER TO DELAY THE MERGER. THE TRIAL IS EXPECTED TO LAST ABOUT THREE WEEKS. NO MATTER WHAT HAPPENS, WE EXPECT BOTH SIDES WILL APPEAL, SADE. >> Sade: I'M SURE THEY WILL. EVA, WE KNOW THESE CHAINS OWN OTHER GROCERY STORE CHAINS. IF THE DEAL GOES THROUGH HOW LIKELY IS THAT IT PEOPLE'S LOCAL GROCERY STORE WILL CLOSE? >> THAT'S THE THING WE'RE ALL WORRIED ABOUT. KROGER AND ALBERTSON'S IS MORE THAN JUST KROGER AND ALBERTSON'S. THEY OWN RALPH'S, SMITH'S. ALBERTSON'S INCLUDE SHAW AND SAFEWAY. THEY SAY THERE ISN'T MUCH OVERLAP SO SHUTTING DOWN LOCATIONS IS UNLIKLEY.

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