LOS ANGELES—California Attorney General Rob Bonta and other state attorneys general Oct. 26 sent a letter demanding that Albertsons delay a $4 billion payout to stockholders until state and federal regulators complete their review of its proposed merger with Kroger.
Albertsons and Kroger employ more than 700,000 workers in communities across the country. The state attorneys general says they want to ensure that the proposed merger of the two grocery giants does not result in higher prices for consumers, suppressed wages for workers, or other anticompetitive effects.
With regulatory approval of the merger far from assured, this “special dividend” is premature and stands to dramatically hamper Albertsons’ ability to compete, Bonta said….