Amazon snags Whole Foods for nearly $14 billion

17 Juin, 2017, 04:48 | Author: Marc Bacque

Mahaney writes that his colleague, Bill Kirk, covering Whole Foods, believes this helps Amazon attack a three-trillion-dollar market that is ill served presently, "one for which Amazon already has reasonably well developed logistics expertise, and one for which it has already gained decent traction, having likely generated over $5B in groceries sales in 2016".

"Dominant players like Wal-Mart, Kroger, Costco, and Target now have to look over their shoulders at the Amazon train coming down the tracks", said Charlie O'Shea, lead retail analyst at Moody's Investors Service.

Amazon's offer represents a 27% premium over Whole Foods' closing price on Thursday.

Amazon is buying Whole Foods for $13.7 billion, and pharmacy stocks are feeling the heat.

Major U.S. indexes are slightly lower in midday trading on Wall Street, but grocery stores and other retailers are plunging after Amazon said it would buy Whole Foods.

It's also worth noting that Whole Foods stock did not move much higher than $42 on Friday - the price that Amazon agreed to pay. Shares of supermarket chain Tesco Plc were down 4.8 per cent and Carrefour slipped 3.7 per cent.

MSCI's index of stock markets across the world inched up 0.2 percent, while European shares added 0.5 percent, rebounding from recent losses.

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Grocery giant Kroger said Thursday that its profits for the year would be lower than Wall Street expected, sending its stock plunging almost 20%.

The company was accused of overcharging customers by regulators in New York City in 2015 and that had a huge negative impact on Whole Foods. "I see this as a way to branch out into a category Amazon doesn't do very well in, by buying one of the best in the industry".

High prices, of course, have been a problem for Whole Foods. In May, it named a new chief financial officer and five independent directors who had not been on a slate proposed by Jana.

Then Kroger's stock plummeted 13% further on Friday after the Amazon-Whole Foods detail was announced.

The process was influenced by Amazon's own plans to build out a network that would have competed against Whole Foods, and given the technology company skipped typical Wall Street banker advice, Whole Foods was wary it would walk away at any moment, the people said.

Whole Foods co-founder John Mackey will remain CEO and the grocery company will remain based in Austin as an Amazon division, per the announcement.

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