European grocery store giants complete $29 billion tie up
The owner of Stop & Shop and Giant and the parent company of food Lion completed their $29 billion combination after receiving regulatory clearance by the Federal Trade Commission.
The deal creates the fourth largest grocer in the U.S. and is the latest in a series of buyouts and mergers as the grocery store industry consolidates. The companies say the combination will help them compete with the growing presence of Wal-Mart and other discount retailers in the grocery industry.
The Dutch retailer Royal Ahold NV owns Stop & Shop. Its rival, Belgium's Delhaize Group, is the parent company of Food Lion. The companies first announced the deal in June 2015. The combined company, to be called Ahold Delhaize, will generate about 61 percent of its revenue in the U.S. (dpa)
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