https://apnews.com/article/kroger-albertsons-merger-ftc-antitrust-3ba6eba066636626c4bdc6cd4f73fa29
Photo: Albertsons storefront Supermarket News https://www.supermarketnews.com/retail-financial/albertsons-debuts-public-company-800-million-ipo
It’s not often that the Molière Citations team gets to issue both a Citation and a Celebration in one fell swoop, but this deal provides an excellent opportunity.
Molière Celebration goes to the FTC, which has valiantly attempted to block this anti-competitive transaction. FWIW, we wonder why there is no sign of support from the Antitrust Division of the Department of Justice, but let’s just put that down to politics.
The bait-and-switch track record of the two companies (Kroger and Albertson’s) is abysmal. When Albie’s bought Safeway we heard the same tune: we’ll be more competitive and lower prices (and workers will be better off, too). Kroger is no better. It has the feel of Charlie Brown being told by Lucy that she won’t pull the football away this time.
Molière Citation is awarded jointly to Kroger and Albertson’s, for their not-so-veiled attempt to pull the wool over the eyes of the public and the regulators.
And we also offer a mini-Celebration to State Attorneys General of Arizona, California, Illinois, Maryland, Nevada, New Mexico, Oregon, Wyoming and the District of Columbia, who are pursuing the case alongside the FTC.
Let us encourage our readers to take a look at the 2023 report on CEO compensation for the 2 companies — and the ratio of CEO comp to worker comp. Then think about what this proposed merger is really about.
https://www1.salary.com/Vivek-Sankaran-Salary-Bonus-Stock-Options-for-ALBERTSONS-COMPANIES-INC.html
