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Amazon to buy Whole Foods Market

2017-06-16 15:43 by
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Online retailer Amazon has announced that it will buy Whole Foods in a $13.7bn deal that marks its biggest push into traditional retailing yet.

In its news release, Amazon says Whole Foods stores will continue to operate under their own brand and will continue to source products "from trusted vendors and partners around the world."

The deal requires approval by Whole Foods' shareholders and regulators. The companies expect the deal to be completed in the second half of 2017. Amazon has to pay Whole Foods $400 million if the deal is not completed.

Founded in 1978 in Texas, Whole Foods was a pioneer of the move towards natural and organic foods. It has grown to more than 460 stores in the US, Canada and the UK, and employs about 87,000 people.

The grocery business is a more than $600 billion a year industry in the US alone. And the industry isn't very concentrated. Aside from Walmart, which controls close to a fifth of all food and beverage sales according to figures assembled by Bloomberg, no other grocery chain has more than a tenth of the market.

Read more -here-

 

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