Current:Home > BackWashington state sues to block merger of Kroger and Albertsons-LoTradeCoin
Washington state sues to block merger of Kroger and Albertsons
View Date:2024-12-23 15:48:05
Washington state's attorney general filed a lawsuit on Monday seeking to block Kroger's proposed $24.6 billion deal for Albertsons, saying it would curtail shopping options, endanger jobs and reduce competition that keeps a lid on grocery prices.
Despite a proposal by Kroger and Albertsons to address potential antitrust concerns by selling off more than 100 stores in Washington, the merged company would still hold a near-monopoly in many parts of the state, according to Washington Attorney General Bob Ferguson.
"This merger is bad for Washington shoppers and workers," he said in a statement. "Free enterprise is built on companies competing, and that competition benefits consumers. Shoppers will have fewer choices and less competition, and, without a competitive marketplace, they will pay higher prices at the grocery store. That's not right, and this lawsuit seeks to stop this harmful merger."
Kroger and Albertsons are the two largest supermarket chains in Washington and the second- and fourth-largest grocery operators in the U.S. Combined, they would have more than 700,000 workers in nearly 5,000 stores across 49 states and generate total annual revenue of more than $200 billion.
Washington's suit seeks to block the merger of Kroger and Albertsons nationwide. The deal, announced in October 2022, also must pass muster with federal antitrust enforcers like the Federal Trade Commission.
Kroger and Albertsons vowed to defend the proposed merger in court, saying in a joint statement that it would result in "the best outcomes for Washington consumers,"
"We are disappointed in Attorney General Ferguson's premature decision to file a lawsuit while the merger is still under regulatory review," the companies said. "We remain in active and ongoing dialogue with the FTC and the other state Attorneys General."
"Blocking this merger would only serve to strengthen larger, non-unionized retailers like Walmart, Costco and Amazon by allowing them to maintain and increase their overwhelming and growing dominance of the grocery industry," the retailers added.
- In:
- Kroger
Kate Gibson is a reporter for CBS MoneyWatch in New York.
veryGood! (97975)
Related
- A herniated disc is painful, debilitating. How to get relief.
- Coast Guard releases video of intrepid rescue of German Shepherd trapped in Oregon beach
- This Racism Is Killing Me Inside
- 'Do I really need to floss?' and other common questions about dental care
- Rafael dissolves into a low pressure system in the Gulf of Mexico after hitting Cuba as a hurricane
- Long Phased-Out Refrigeration and Insulation Chemicals Still Widely in Use and Warming the Climate
- San Fran Finds Novel, and Cheaper, Way for Businesses to Go Solar
- Cost of Climate Change: Nuisance Flooding Adds Up for Annapolis’ Historic City Dock
- What is best start in NBA history? Five teams ahead of Cavaliers' 13-0 record
- DOE Explores a New Frontier In Quest for Cheaper Solar Panels
Ranking
- Tom Brady Admits He Screwed Up as a Dad to Kids With Bridget Moynahan and Gisele Bündchen
- Exxon Relents, Wipes Oil Sands Reserves From Its Books
- The Biggest Bombshells From Anna Nicole Smith: You Don't Know Me
- 5 dogs killed in fire inside RV day before Florida dog show
- Shel Talmy, produced hits by The Who, The Kinks and other 1960s British bands, dead at 87
- They could lose the house — to Medicaid
- A Longchamp Resurgence Is Upon Us: Shop the Iconic Le Pliage Tote Bags Without Paying Full Price
- Despite Pledges, Birmingham Lags on Efficiency, Renewables, Sustainability
Recommendation
-
Zendaya Shares When She Feels Extra Safe With Boyfriend Tom Holland
-
Trump Makes Nary a Mention of ‘Climate Change,’ Touting America’s Fossil Fuel Future
-
Kim Zolciak Shares Message About Love and Consideration Amid Kroy Biermann Divorce
-
Americans Increasingly Say Climate Change Is Happening Now
-
AP Top 25: Oregon remains No. 1 as Big Ten grabs 4 of top 5 spots; Georgia, Miami out of top 10
-
What does the science say about the origin of the SARS-CoV-2 pandemic?
-
Congressional Democrats Join the Debate Over Plastics’ Booming Future
-
Clues to Bronze Age cranial surgery revealed in ancient bones