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PLEASANTON, Calif. — Safeway Inc. shareholders voted to approve a merger with Albertsons, the supermarket chain owned by New York investment firm Cerberus Capital Management LP.
Safeway Inc. shareholders voted to approve a merger with Albertsons, the supermarket chain owned by New York investment firm Cerberus Capital Management LP.
The $9.4 billion buyout is expected to close in the fourth quarter, pending approval by the Federal Trade Commission. Barring divestitures mandated by antitrust regulators, the combined company would have about 2,400 stores, 27 distribution facilities, 20 manufacturing plants, more than a quarter-million employees and $60 billion in annual sales.
According to Safeway, 70% of the outstanding shares and 96% of the shares voted backed the merger.
The shareholders also voted down two measures that were opposed by Safeway’s board: 90% said no to a proposal to label products containing genetically modified ingredients, and 88% voted against extending producer responsibility. Shareholders also OK’d a nonbinding advisory proposal to approve a merger-related compensation plan for top Safeway executives.
