clearn.png
Saturday May 25th, 2019 1:10AM

Amazon to close on Whole Foods buyout Monday

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — Amazon will close its $13.7 billion buyout of Whole Foods Market Inc. on Monday and plans to cut prices on grocery staples.

Starting Monday, Whole Foods will offer lower prices on bananas, eggs, salmon, beef, and other products. Looking ahead, the Seattle company hopes to give Amazon Prime members special savings and other in-store benefits.

Also, certain Whole Foods products will be available through Amazon.com, AmazonFresh, Prime Pantry and Prime Now.

Whole Foods shareholders approved the deal Wednesday, and the Federal Trade Commission said it would not block the deal. Amazon will pay Whole Foods shareholders $42 per share, marking an 18 percent premium from its stock price the day before the tie-up was announced on June 16.

Earlier this month, Amazon.com Inc. sold $16 billion of bonds in order to pay for the purchase.

By buying Whole Foods, Amazon is taking a bold step into brick-and-mortar, with more than 460 stores and potentially very lucrative data about how shoppers behave offline.

Meanwhile, rivals are scrambling to catch up with the e-commerce giant. Wal-Mart Stores Inc., which has the largest share of the U.S. grocery market, is expanding its grocery delivery service with ride-hailing service Uber and announced Wednesday that it will join forces with Google to let shoppers order goods by voice on Google devices.

Shares of other big grocery businesses fell. The Kroger Co. dropped nearly 8 percent. Target, Costco and Supervalu all fell about 4 percent. Walmart, which has the largest share of the U.S. grocery market, was off 2 percent.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
The Latest: Hospital worker claims lottery prize, quits job
The Massachusetts woman who won the $758.7 million Powerball jackpot has quit her job at the hospital where she worked for three decades, and says she wants to relax
2:20PM ( 1 minute ago )
Harvey intensifies to hurricane, likely a major Texas storm
Tropical Storm Harvey intensified Thursday into a hurricane and forecasters said it would become a major hurricane to hit the middle Texas coastline
2:01PM ( 20 minutes ago )
Charlottesville mayor says he was shut out of security talks
Charlottesville residents are getting a chance to talk with city officials about a white nationalist rally earlier this month that devolved into deadly violence
1:59PM ( 23 minutes ago )
Associated Press (AP)
US interior chief says he won't eliminate protected lands
Interior Secretary Ryan Zinke says he won't seek to abolish any national monuments carved from the wilderness and oceans by past presidents
1:33PM ( 48 minutes ago )
The Latest: Environmental groups blast monument changes
A White House official says President Donald Trump has received U.S. Interior Secretary Ryan Zinke's recommendations about national monuments protecting wilderness and ocean
1:20PM ( 1 hour ago )
Trump attacks Republican leaders over debt ceiling
Trump attacks Republican congressional leaders over debt ceiling negotiations
1:13PM ( 1 hour ago )
AP Business
The Latest: Hospital worker claims lottery prize, quits job
The Massachusetts woman who just won the $758.7 million Powerball jackpot has quit her job at the hospital where she worked for three decades, and says she wants to relax
2:02PM ( 20 minutes ago )
Harvey intensifies to hurricane, likely a major Texas storm
Tropical Storm Harvey intensified Thursday into a hurricane and forecasters said it would become a major hurricane to hit the middle Texas coastline
2:01PM ( 20 minutes ago )
Charlottesville mayor says he was shut out of security talks
Charlottesville residents are getting a chance to talk with city officials about a white nationalist rally earlier this month that devolved into deadly violence
1:59PM ( 23 minutes ago )
Dutch police detain suspect in concert terror threat
Alerted by a detailed tip from Spanish colleagues, Dutch police have arrested a man and say he's suspected of preparing an attack on a concert by an American rock band
1:54PM ( 27 minutes ago )
Massachusetts hospital worker claims record lottery jackpot
Largest single-ticket Powerball prize in U.S. history claimed by Massachusetts hospital worker
1:51PM ( 30 minutes ago )