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Kroger Stock Ends Higher After Judge Blocks Albertsons Merger
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Main points
- Kroger shares rose Tuesday on news that a federal court blocked Kroger’s merger with Albertsons.
- The deal would make the combined company one of the largest grocery chains in the world.
- The companies argued that the merger would help them better compete with Walmart and other retailers, while regulators worried about its impact on consumers.
Grocer Kroger’s stock (South Korea) ended higher on Tuesday, rising in afternoon trading on news that a court blocked its planned merger with Albertsons (ACI).
Kroger shares ended the day up more than 5%, while Albertsons shares fell more than 2%. A federal judge blocked the deal, wall street journal and other media reports agreed with regulators that it would harm consumers by reducing competition in the grocery market.
the proposed transaction, Announced in 2022and even create a grocery giant After divestment The companies developed plans to assuage regulators’ concerns. this The company had argued The deal will help the combined chain better compete with Walmart (WMT) and other retailers.
Court proceedings on the matter are likely to continue Magazine Although the companies may now choose to stop pursuing the deal, according to reports.
hook up earlier this month Quarterly revenue and net profit fell short of analysts’ forecasts.
Kroger’s stock is up about 30% this year, while Albertsons’ stock is down about 20%.
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