Albertsons Calling off $25B Merger with Kroger

Albertsons is calling off its 25 billion dollar merger with grocery chain Kroger and is now suing them for breach of contract.

Transcript

00:00Albertson's is calling off its $25 billion merger with grocery chain Kroger

00:05and is now suing them for breach of contract.

00:08The decision comes after a federal judge blocked the proposed merger between Kroger and Albertson's,

00:14ruling it would limit competition and harm customers.

00:18Announced back in 2022, the deal would merge the 5th and 10th largest retailers in the country

00:25and help the pair compete with much larger Walmart and Amazon.

00:29Kroger originally promised to lower grocery prices by $1 billion.

00:34The White House hailed the ruling, saying the deal would have raised prices and lowered wages.