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pelespirit

Albertsons sues Kroger and ends failed grocery megamerger (www.npr.org)

submitted 3 weeks ago by pelespirit to c/politics

2 comments fedilink hide all child comments

On Tuesday, both a federal district court in Oregon and a state court in Washington blocked the $24.6 billion deal, saying it would reduce competition, which would harm shoppers.

By Wednesday morning, Albertsons abandoned the merger and filed a lawsuit against Kroger, alleging a willful breach of contract for not doing enough to win regulatory approval for the merger. Kroger, in a statement in response, said Albertsons is deflecting its own responsibility.

The two are likely headed for a new bitter legal fight with money at stake. Albertsons is seeking "billions of dollars" in damages for lost shareholder value, legal costs and time in limbo. It also wants the $600 million merger break-up fee, to which Kroger says Albertsons is "not entitled."

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[–] [email protected] 9 points 3 weeks ago (1 children)

So they couldn't merge and raise prices, so they're gonna sue each other and raise prices anyway to cover these legal fees?

[–] pelespirit 3 points 3 weeks ago* (last edited 3 weeks ago)

They're trying to not let the other succeed maybe? Very strange take on their part.