Skip navigation

Gloucestershire Business News

Whole Foods shareholders back Amazon deal

Whole Foods shareholders have backed a bid by Amazon to buy the grocery chain for £13.7bn (£10.7bn).

The American supermarket chain has almost 450 stores in the US but also has nine stores in the UK including one on the Gallagher Retail Park in Cheltenham.

Amazon's bid cleared an initial hurdle yesterday as shareholders of the supermarket voted in favour of the deal.

The BBC said shareholder approval had been expected for the bid, which some have called a game-changer for the US grocery sector as the merger would combine Whole Foods' store network with Amazon's delivery expertise.

The US Federal Trade Commission also cleared the deal yesterday, saying it had considered whether the takeover would substantially lessen competition and decided not to investigate further.

Whole Foods approached the e-commerce giant about a merger this spring, as it grappled with falling sales and pressure from investors such as Jana Partners to improve performance.

Amazon initially offered $41 per share, eventually settling on $42. The $13.7bn value includes Whole Foods' debt.

Whole Foods has said it expects the deal to close by the end of the year.

Punchline says:

"Amazon have a foothold in bricks and mortar for the first time and supermarkets should be shaking in their boots. Amazon are so good at what they do so you are almost forced to buy from them."

What do you think? Email mark@moosemarketingandpr.co.uk

Related Articles

Versarien's revenues halve and losses rise Image

Versarien's revenues halve and losses rise

Forest of Dean-based advanced engineering group Versarien saw its revenues halve last year.

Gloucestershire company launches same-day service Image

Gloucestershire company launches same-day service

Gloucester-based Freemans Event Partners has launched a brand-new around-the-clock foodservice logistics offer.

Gloucester business expands at Elmbridge Court Image

Gloucester business expands at Elmbridge Court

Just three offices are now available for rent at Elmbridge Court, following the latest letting.

Cirencester town centre to deliver improved parking Image

Cirencester town centre to deliver improved parking

Better parking and traffic control improvements for Cirencester residents and businesses.

Copyright 2024 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.