The U.S. Federal Trade Commission has approved the $2.5 billion purchase of regional grocer Harris Teeter Supermarkets Inc by Kroger Co , deciding the transaction does not violate anti-trust law, the companies said on Friday. The two supermarket chains said in a statement that they expected the acquisition to be completed before the end of January. The FTC gave its approval without requiring the companies to divest any stores, a law firm that represented Harris Teeter said in a statement.The FTC was not immediately available for comment.The deal, approved by the boards of both companies in July, will boost Kroger's presence in the U.S. southeast. Competitors there include privately held Publix and discounter Wal-Mart Stores Inc, the largest U.S. food retailer.Cincinnati-based Kroger, the largest mainstream U.S. grocer, will also get a bigger presence in the mid-Atlantic region, slightly more upscale stores that do a strong business in fresh food and access to fast-growing markets.
Harris Teeter Supermarkets, Inc., formerly Ruddick Corporation, operates a regional chain of supermarkets in eight states primarily in the southeastern and mid-Atlantic United States, and the District of Columbia. Shares of HTSI fell by 0.04% or $-0.02/share to $49.34. In the past year, the shares have traded as low as $35.31 and as high as $49.90. On average, 482419 shares of HTSI exchange hands on a given day and today's volume is recorded at 590787.
The Kroger Co. is a retailer in the United States. Shares of KR fell by 1.5% or $-0.56/share to $36.79. In the past year, the shares have traded as low as $26.66 and as high as $43.85. On average, 3401090 shares of KR exchange hands on a given day and today's volume is recorded at 6874797.
Wal-Mart Stores, Inc. (Walmart) operates retail stores in various formats globally. Shares of WMT fell by 0.74% or $-0.57/share to $76.19. In the past year, the shares have traded as low as $68.13 and as high as $81.37. On average, 5744860 shares of WMT exchange hands on a given day and today's volume is recorded at 11446726.
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