Amazon Takeover Of Whole Foods Gets Key Federal Approval

Amazon Takeover Of Whole Foods Gets Key Federal Approval

According to Norm Armstrong, an antitrust lawyer as King & Spalding LLP in Washington, the deal was approved by FTC as Amazon and Whole Foods are not close competitors and shoppers will get any other options to buy groceries. The acquisition is expected to close before the end of the year.

The US Federal Trade Commission, in clearing the planned acquisition, said in a statement that it opted not to pursue its investigation further after reviewing whether the deal would substantially lessen competition or constituted an unfair method of competition. The tool is available as a Google Chrome extension, and it creates synchronized screen recordings of a website user's actions, network traffic, JavaScript logs, and other data which can be used to reduce the time to complete the task of bug reporting, according to the company."Reporting bugs and replicating the problem for customer support is a very tedious and hard process, especially when the web user and customer support professional are not sitting right next to each other", said Sam Kaufman, cofounder and CEO of BugReplay.

Whole Foods, which opened its first store in Austin, Texas, back in 1980, now has 470 stores in North America and the United Kingdom.

Amazon has frequently been in the crosshairs of President Donald Trump, who last week took aim at the company over taxes and jobs, without offering any evidence. Amazon shares dipped 0.4%, while shares of Kroger and Wal-Mart were largely unchanged.

Whole Foods had just 1.4 percent of the USA grocery market in 2016, according to data compiled by Bloomberg, and is dwarfed by operators such as Wal-Mart Stores, which has 21 percent of the market and Kroger Co. with 10 percent. Shares of Whole Foods Market Inc., which is based in Austin, Texas, ended Wednesday at $41.68. "Towns, cities and states throughout the USA are being hurt - many jobs being lost!" So the FTC made a decision to look into it. Of course, the FTC always has the ability to investigate anticompetitive conduct should such action be warranted."At the time of the announcement in June, the deal rattled the market as grocery stocks shifted, boosting Amazon and Whole Foods stocks 2.44% and 29.10%, respectively". "Apparently the only way to hold Amazon accountable for its abuse of consumers is at the state level", the group said.

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