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home / news releases / KR - Kroger Stock Slid as Sen. Warren Asks the FTC to Prevent the Proposed Takeover of Albertsons

KR - Kroger Stock Slid as Sen. Warren Asks the FTC to Prevent the Proposed Takeover of Albertsons

Kroger Company

Kroger Stock slid to trade at $42.94-0.22 at close: 04:00 PM EDT on Wednesday

Sen. Elizabeth Warren (D-MA) is urging the Federal Trade Commission to prevent Kroger’s ( NYSE:KR ) proposed $25 billion acquisition of competing grocery chain Albertsons ( NYSE:ACI ) from going through. On Wednesday, Warren tweeted, “I’m calling on the FTC to prohibit this deal.” “Families are already being overcharged by large grocery stores like Kroger and Albertsons. Even higher pricing and job cuts would result from less competition and more mergers. “

Warren’s tweet was in response to a story that stated on Tuesday that an Albertsons (ACI) mega supermarket acquisition would be held by the U.S. Senate antitrust subcommittee . When the panel, a subcommittee of the judiciary committee chaired by Amy Klobuchar (D-MN) and Mike Lee (R-UT), will hold the hearing on the deal wasn’t immediately clear.

Warren’s remarks and a Senate hearing come at a time when analysts and investors have been wary of the mega supermarket merger since it was announced on Friday. This is because it brought together some of the biggest grocery store chains in the nation during the Biden administration, which has been trying to be more pro-competitive and has contested several deals.

Warren has a history of trying to thwart business transactions. Last month, Warren and five other lawmakers were said to have asked the FTC to stop Amazon’s ( NASDAQ:AMZN ) plan to buy iRobot ( NASDAQ:IRBT ). She encouraged the Department of Justice to closely examine JetBlue’s (JBLU) proposed acquisition of Spirit Airlines ( NYSE:SAVE ) last month in order to ultimately p...

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Stock Information
Company Name: Kroger Company
Stock Symbol: KR
Market: NYSE
Website: thekrogerco.com
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