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Major Grocery Store Merger Blocked

Major Grocery Store Merger Blocked

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James Kratch
December 11, 2024

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In Today’s Brief

California: Major fire
Northern Ireland: Trade rules
Nancy Mace: Assault incident
Walgreens: Private plans
The Onion: Infowars snag

... and more

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Top Tips

1) Expiration date

The biggest grocery store tie-up in U.S. history is on life support.

What happened: The proposed $25B merger between Albertsons and Krogers was blocked by a pair of judges yesterday in cases filed by the state of Washington and the Federal Trade Commission. A third lawsuit is still pending in Colorado and appeals remain, but many observers believe the deal is likely dead.
Catch up: The FTC (and other states) sued to block the deal on antitrust grounds earlier this year after Colorado and Washington first took action, arguing a merger would harm consumers. Kroger is the nation's No. 2 grocer by market share, trailing only Walmart; Albertsons is No. 4 behind No. 3 Costco. The two chains offered to sell hundreds of locations as a condition of approval.
Next steps: Albertsons and Kroger protested the decisions and are reviewing their options. The companies claim a merger would lead to lower prices and allege the FTC's view of competition is antiquated. Albertsons has warned of layoffs and store closings without a merger; it could also look for another buyer.

2) Alternative methods

New York City's top prosecutor is fighting to keep President-elect Donald Trump on the hook.

The news: Manhattan District Attorney Alvin Bragg has urged a judge not to toss Trump's felony hush money conviction. The president-elect's legal team has moved for dismissal, citing the Supreme Court ruling on presidential immunity and arguing it would be unconstitutional to burden him with a guilty verdict.
The argument: Bragg said a president-elect does not enjoy presidential immunity (the city argued Trump's crimes were committed as a private citizen during the trial). The DA argued there are ways to continue the case while Trump is in office, including guaranteeing he will not face jail time.
Big picture: Judge Juan Merchan has delayed Trump's sentencing hearing indefinitely; there is no timetable for a decision on the motion to dismiss the case. Department of Justice policy states a sitting president cannot be prosecuted, so any sentence would be held until the end of Trump's term.

3) Executive emergency

The leader of one of the world's biggest democracies is in intensive care after brain surgery.

The news: Brazilian President Luiz Inacio Lula da Silva is reportedly awake and conscious in a Sao Paulo hospital following a procedure to address an intracranial hemorrhage. Doctors said he does not have a brain injury and should return to the capital city of Brasilia next week.
What happened: Lula, 79, suffered a fall in October. The hemorrhage is reportedly a result of the accident. The president's health has been the subject of rampant speculation since the incident; he canceled two overseas trips, stopped traveling by plane and did not hold a press conference after hosting the G20 Summit last month.
Big picture: Lula currently faces an economic crisis -- the Brazilian real has been the world's worst-performing majorcurrency this year with a 20% dip. The leftist is also bracing for potential clashes with President-elect Trump, who has supported Lula's controversial predecessor Jair Bolsonaro.

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Quick Tips

U.S. News

California's Franklin Fire has burned over 2.8K acres near Malibu. Strong Santa Ana winds have caused the blaze to spread and destroy some homes; Pepperdine University is being threatened by the fire (More)
The FBI does not know the origin of the drones that have continually flown over New Jersey in recent weeks. The revelation came during a House hearing; some have appeared near sensitive locations like Picatinny Arsenal and President-elect Trump's golf course in the state (More)
The man who allegedly killed UnitedHealthcare CEO Brian Thompson is fighting extradition from Pennsylvania to New York. Luigi Mangione had an outburst entering a court hearing and was told to stay quiet by his attorney during it; he is expected to plead not guilty to murder charges (More)

World News

Northern Ireland will continue its special Brexit trading arrangements through at least 2028. The country is in the United Kingdom, but has retained some European Union laws to maintain an open border with Ireland (More)
Mohammed al-Bashir is Syria's interim prime minister. He is backed by the rebel group that overthrew dictator Bashar al-Assad; he said he would lead a transition government until March amid talk of potential elections (More)
At least 10 patients suffering from a mystery illness in the Democratic Republic of the Congo have tested positive for malaria. Local reports indicate over 140 people have died of an undetermined disease in the country; many of the victims are young children (More)

Political News

South Carolina Rep. Nancy Mace alleged she was assaulted by a pro-transgender activist. Capitol Police arrested a 33-year-old man after the incident; the Republican member said she suffered a minor injury to her arm (More)
The House Ethics Committee does not plan to meet again before Congress turns over, a signal it will never release its report into ex-Florida Rep. Matt Gaetz. The failed Attorney General nominee has taken a job with the right-wing One American News Network (More | More)
President-elect Trump nominated Kimberly Guilfoyle to be Ambassador to Greece. The ex-San Francisco prosecutor and Fox News host is engaged to Donald Trump Jr.; billionaire Tom Barrack was nominated to be Ambassador to Turkey (More)

Business & Markets

Major indexes closed lower yesterday. The Dow Jones dropped over 150 points for its fourth straight losing session (Dow -0.35%, Nasdaq -0.25%, S&P 500 -0.30%).
Walgreens may go private. The struggling pharmacy chain is reportedly in talks to sell itself to Sycamore Partners, a private equity firm (More)
President Joe Biden is expected to formally block Nippon Steel's proposed $14B acquisition of U.S. Steel on national security grounds. The deal will be referred back to him before his term ends; President-elect Trump has said he would also block the deal (More)

Entertainment & Sports

The Onion's bid to buy Infowars was rejected. A federal bankruptcy judge ruled the auction process for conspiracy theorist Alex Jones' media empire was unfair; a court-appointed trustee will determine the next steps (More)
Jamie Foxx revealed he had a stroke in 2023 caused by a brain bleed. The actor and comedian made his first comments on his health issues during his new Netflix special; he has since recovered (More)
FIFA is expected to award the 2034 Men's World Cup to Saudi Arabia today. The bid is unopposed, but the possibility has received international backlash due to the Middle Eastern nation's environmental and human rights record (More)

Quick Hitters

Feel Good: A Virginia man wanted to do something special for his wife's 40th birthday. So he donated over $4K to the animal shelter where they volunteer to fund 40 pet adoptions.
Take Note: If you have to sneeze, just sneeze. Holding it in can cause health issues, including some that require hospitalization.
Go Deep: Shopping malls are losing tenants left and right, but most still have Spencer's. Here is a look at why the weirdest store keeps rolling along.
History Lesson: Christmas lights are pretty straightforward these days. But did you know people used to hang lit candles on their trees?
Life Hack: Being shy can be tricky around the holidays. But here are some Harvard-approved tips to make your social gatherings a bit more bearable.

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