Safeway Shareholders OK Sale To Albertsons; Closures May Follow
July 29, 2014 | 1 min to read
Safeway shareholders on Friday approved the company’s $9.2 billion sale to Albertsons, a deal that comes amid fierce competition for the combined supermarket chains from a host of foes and could mean closures for Southern California stores.
About 96 percent of the outstanding shares of Safeway were voted in favor of the merger at a meeting at Safeway’s headquarters in Pleasanton.
The deal still needs to clear a review by the Federal Trade Commission, which could require Safeway or Albertsons, or both, to divest some stores for competitive reasons. But Safeway spokesman Brian Dowling said, “We don’t expect any stores to close as a result of the transaction.”
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