Albertsons Sues Kroger for Breach of Contract in Failed Deal (4)

Albertsons Cos. said it filed a lawsuit against Kroger Co. after terminating the companies’ proposed $24.6 billion deal, claiming it failed to exercise “best efforts” to secure regulatory approval.

Albertsons said in a statement that it’s seeking billions of dollars in damages from Kroger to make Albertsons and its shareholders whole. In addition to a $600 million termination fee, the grocery chain wants compensation for the “multiple years and hundreds of millions of dollars it devoted to obtaining approval for the merger.”

Shares of Albertsons fell 1.5% in New York on Wednesday, bringing the stock’s year-to-date decline to 21%. ...