Safeway And Albertson's Announce Grocery Merger
LINDA WERTHEIMER, HOST:
NPR's business news starts with a $9 billion grocery sale.
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WERTHEIMER: The no. 2 grocery chain in the U.S., Safeway, is being acquired by the owner of Albertson's, the fifth largest grocer. Cerberus Capital Management is paying just over $40 a share for Safeway, the company said last night. The multi-billion-dollar deal creates a food retailer with more than 2,400 stores and more than 250,000 employees.
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