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SuperValu-Albertson merger gets thumbs-up

Shareholders of SuperValu Inc approved a merger in which SuperValu would acquire the premier retail properties of Albertson's Inc. Based on preliminary results, with 80.7% of the outstanding shares having been voted, 92.6% of the total shares voting favored the transaction. Albertson's shareholders also voted to approve the transaction at a special shareholder meeting May 30, 2006. The parties now will begin to close the transaction.

When the transaction is closed, SuperValu will acquire the operations of Acme Markets, Bristol Farms, Jewel, Shaw's Supermarkets, Star Markets, and Albertson's banner stores in the Intermountain West, Northwest, and Southern California regions. SuperValu will also acquire related in-store pharmacies under the Osco Drug and Sav-on banners. As a result of the acquisition, which totals more than 1,100 stores, the new SuperValu will become the nation's third-largest supermarket chain by revenues.

TAGS: Grocery
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