Kroger seeks to create grocery giant in $20B Albertsons bid

Two of the nation's largest grocers have agreed to merge in a deal they say would help them better compete with Walmart, Amazon and other major companies that have stepped into the grocery business.

Kroger on Friday bid $20 billion for Albertsons, or $34.10 per share. Kroger will also assume $4.7 billion of Albertsons' debt.

Kroger Chairman and CEO Rodney McMullen, who would retain those titles at the combined company, said the combination could save $1 billion annually in lower administrative costs, more efficient manufacturing and distribution, and shared investments in technology. He said the company would plow those savings back into lower prices, higher wages and improved stores.

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