Albertson's bags grocer for $8.3B

Article Abstract:

Albertson's, Boise, ID-based supermarket chain, will acquire Salt Lake City, UT-based American Stores for $8.3 billion. The deal will form the largest chain of drug and food stores in the US, operating over 2,470 stores in 37 states and with $ 36 billion in revenues annually. Under the terms of the deal, American Stores will swap each of its shares for 0.63 shares of Albertson's common stock. Albertson's will also assume the $3.4 billion debt of American Stores. The combined company will be based in Boise and it will dislodge Kroger from the number one position among supermarket chains. Albertson's Chairman Gary Michael will remain chairman and CEO, while American Stores Chairman Victor Lund will become vice chairman of the new company.

Comment:

Will acquire Salt Lake City, UT-based American Stores for $8.3 bil, creating the largest US supermarket drug & food store chain

Asset sales & divestitures, Acquisitions & mergers, Supermarkets and Other Grocery (except Convenience) Stores, Supermarket Chains, Albertson's L.L.C., American Stores Co.

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Wal-Mart rings up more sales, stores

Article Abstract:

Wal-Mart Stores, a Bentonville, AR-based discount chain, intends to open 285 stores around the world. In the US, the company plans to open roughly 40 discount stores and 150 supercenters, which sell groceries and general merchandise. As many as 15 Sam's Clubs will also be opened. The company also intends to open as many as 80 retail stores in countries outside the US where it already has a presence, including Brazil, Argentina, China, South Korea, Puerto Rico, Mexico and Canada. As of Sept. 30, 1998, the company had 1,879 Wal-Mart stores, 446 Sam's Clubs and 512 supercenters in the USA, as well as 617 stores abroad.

Comment:

Discount chain intends to open 285 stores around the world

Facilities & equipment, All Other Specialty Food Stores, Discount Stores, Wal-Mart Stores Inc.

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