Albertsons, Kroger CEOs to defend $25 bln merger to skeptical U.S. senators
before skeptical lawmakers who fear the deal would push up food prices at a time of high inflation.
Added Albertsons' CEO, Vivek Sankaran, according to written remarks: "I’d like to add that this transaction is good forIn their opening remarks, Senators Amy Klobuchar, a Democrat and subcommittee chair, and Mike Lee, the top Republican on the panel, both pointed to Albertsons' 2015 purchase of Safeway as a cautionary tale for the proposed merger.
. U.S. consumer prices rose less than expected in October, pushing the annual increase below 8% for the first time in eight months. Food prices increased 0.6%. The companies have said they expect to sell between 100 and 375 stores to allay government concerns. Ideally, they would like to find buyers for the facilities but could also put them into a new company that would be owned by Albertsons' shareholders. UBS has said it believes the plan will satisfy antitrust enforcers.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Albertsons, Kroger CEOs to defend $25 bln merger to skeptical U.S. senatorsTop executives at Kroger Co and Albertsons Companies Inc are expected to face tough questions on Tuesday from lawmakers who worry the grocers' planned $25 billion merger will push up food prices at a time when inflation is a concern.
Read more »
Kroger and Albertsons CEOs head to Capitol Hill for merger hearingThe Senate is holding a hearing today on Kroger's proposed $24.6B purchase of rival Albertsons. Here's what to know.
Read more »
Albertsons, Kroger CEOs to defend $25B merger to skeptical senatorsTop executives at Kroger and Albertsons are expected to face tough questions on Tuesday from lawmakers who worry the grocers' planned $25 billion merger will push up food prices at a time when inflation is a concern.
Read more »
Kroger, Albertsons CEOs to face congressional questions on planned U.S. mergerKroger CEO Rodney McMullen and Albertsons' top executive, Vivek Sankaran, will face questions this week on plans for the two giant grocery companies to merge in a $25 billion deal, Senator Amy Klobuchar's office said in a statement.
Read more »
Workers, government officials raise concerns about Kroger-Albertsons merger as congressional hearing gets underwayMembers of the United Food and Commercial Workers unions representing more than 100,000 Kroger and Albertsons employees in 12 states and Washington, D.C., at the U.S. Capitol on Tuesday as a congressional hearing on the proposed deal got underway.
Read more »
UFCW Local 7 president, members in D.C. ahead of Kroger-Albertsons merger hearingKim Cordova, president of UFCW Local 7, which represents King Soopers and Safeway workers in Colorado, worries the merger could result in job losses and store closures. via PattrikPerez
Read more »