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Albertsons shares jump on report in talks to merge with Kroger


Albertsons

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Update 10:45 am: Update the shares, add details about the talks.

Albertsons Cos. (NYSE:ACI) up 5.9% on a report that Kroger’s rival (NYSE:KR) are negotiating to incorporate. Kroger down 1.9%.

Grocery chains may agree to trading as soon as this week, as reported by Bloomberg. No final decision has been made at this time.

Albertsons (ACI) and Kroger (KR) has been involved in ongoing talks for months, CNBC’s David Faber said, confirming Bloomberg’s report that Kroger is in talks to buy Albertsons, though he had no other details.

The report came after Albertsons (ACI) announced at the end of February that it was evaluate strategic alternatives. ACI said last month that a cut-off agreement with some of the company’s sponsors had been extended until the company’s earnings announcement in October, prompting some investors to expect that there could be a an upcoming deal.

Albertsons are scheduledo report your earnings on Tuesday. Albertsons is still about 30% owned by private equity firm Cerberus Capital Management.

In early August, Albertsons (ACI) shares soared on speculation about a potential deal with Ahold Delhaize (OTCQX: ADRNY). The move follows a report from Gordon Haskett citing aircraft tracking data saying Albertsons'(ACI) jet was detected at Ahold Delhaize’s hometown airport in Bedford, Massachusetts.

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