FTC clears Amazon’s purchase of Whole Foods
The U.S. Federal Trade Commission (FTC) on Wednesday approved Amazon’s $13.7 billion-purchase of Whole Foods Market, authorities confirmed. Clearing the deal, the federal agency announced that it would not undertake any further probe into the acquisition Whole Foods Market by Amazon. The deal is expected to be finalized by the end of 2017.
Earlier on the same day, shareholders of Whole Foods Market voted in favor of the acquisition deal. Shareholders of Amazon don’t need to approve the deal.
It is one of the FTC’s first big actions since President Donald Trump came to power. In the past, Trump repeatedly criticized Amazon. Once, he even incorrectly claimed that the company didn’t pay taxes.
Criticizing the company, he said, “Amazon is doing great damage to tax paying retailers. Towns, cities and states throughout the U.S. are being hurt — many jobs being lost!”
The FTC approved the deal when some analysts pointed out that antitrust law is ill-prepared to address the dynamics of a fast-changing corporate landscape, which is giving rise to corporate giants like Amazon, Google and Facebook.
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