Vulture corpse eating Private Equity firm takes over Safeway
The Unhived Mind
7 March 2014 Last updated at 00:09
http://www.bbc.co.uk/news/business-26477625
Safeway to be sold to Albertsons owner Cerberus
US supermarket firm Safeway has agreed to be bought by an investment group led by Cerberus Capital Management, owner of Albertsons and other chains.
The deal is valued at $7.64bn (£4.56bn) in cash, and could eventually top $9bn.
The merger will create an organisation with more than 2,400 stores and 250,000 employees.
It comes amid consolidation in the industry, with Cerberus buying five chains including Albertson’s and Jewel-Osco from Supervalu last year.
Albertsons chief executive Bob Miller said that the size of the new outfit would improve its bargaining position with suppliers.
Mr Miller is to become executive chairman of the combined company, and Safeway chief executive Robert Edwards will retain that title at the combined company.
If the proposal receives shareholder and regulatory approval, the merger should be completed in the fourth quarter of 2014.
theunhivedmind says:
People need to understand what is going on here with all these private equity firms. Small and large businesses are being hammered on purpose by a planned economic collapse. The knock-on effect of this collapse causes companies to fold or end up on the brink of folding. What you then have is these vultures called private equity firms stepping in and taking control of the troubled company. So you have to look at who are the owners and shareholders of these companies like Warburg Pincus, Carlyle Group and this Cerberus. You will find they are heavily connected with the military-industrial-complex. So if you take Warburg Pincus controlling the internet through Endurance International Group then tell me where there is any competition and opposition? Hostgator is not independent to any of the multiple other hosts these vultures own. This is the elite merchants way of stealing all the last few businesses around and then doing what they want with them. Warburg Pincus uses slaves from the workfare programmes to man their Poundland and other businesses in the UK. Do your homework and watch this happen all the time until they get the lot.
-= The Unhived Mind