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FTC clears Amazon.com purchase of Whole Foods
Source: Washington Post
FTC clears Amazon.com purchase of Whole Foods
By Abha Bhattarai August 23 at 4:56 PM
The Federal Trade Commission on Wednesday gave the green light to Amazon.com’s purchase of Whole Foods Market in a deal valued at $13.7 billion. The regulator announced that it will not undertake any further investigation of the acquisition, which is expected to be finalized by the end of this year.
Earlier in the day, Whole Foods shareholders voted to approve the deal. Amazon shareholders do not need to approve the deal. (Jeffrey P. Bezos, the founder and chief executive of Amazon.com, owns The Washington Post.)
The deal comes when some have observed that antitrust law is antiquated and ill-prepared to address the dynamics of a modern and fast-changing corporate landscape, which is giving rise to giants like Google, Facebook and Amazon.
Bruce Hoffman, an acting director at the FTC, said in a statement that the agency looked at the “proposed acquisition to determine whether it substantially lessened competition.” And, he said, the FTC “decided not to pursue this matter further.”
-snip-
By Abha Bhattarai August 23 at 4:56 PM
The Federal Trade Commission on Wednesday gave the green light to Amazon.com’s purchase of Whole Foods Market in a deal valued at $13.7 billion. The regulator announced that it will not undertake any further investigation of the acquisition, which is expected to be finalized by the end of this year.
Earlier in the day, Whole Foods shareholders voted to approve the deal. Amazon shareholders do not need to approve the deal. (Jeffrey P. Bezos, the founder and chief executive of Amazon.com, owns The Washington Post.)
The deal comes when some have observed that antitrust law is antiquated and ill-prepared to address the dynamics of a modern and fast-changing corporate landscape, which is giving rise to giants like Google, Facebook and Amazon.
Bruce Hoffman, an acting director at the FTC, said in a statement that the agency looked at the “proposed acquisition to determine whether it substantially lessened competition.” And, he said, the FTC “decided not to pursue this matter further.”
-snip-
Read more: https://www.washingtonpost.com/news/business/wp/2017/08/23/ftc-clears-amazon-com-purchase-of-whole-foods/
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