California preparing lawsuit to block Kroger’s Albertsons acquisition

California is preparing to block Kroger Co.’s
KR,
+0.16%
acquisition of Albertsons Cos.
ACI,
+0.04%
with an upcoming lawsuit, according to remarks from the state’s attorney general Thursday. California Attorney General Rob Bonta reportedly told media present in Washington D.C. that there was “not a lot of reason not to sue” to block the deal and that his office was “moving toward acting,” after meeting with Federal Trade Commission Chair Lina Khan earlier Thursday, according to Bloomberg. Back in September, Kroger and Albertsons said they would sell more than 400 stores in a $1.9 billion deal to gain regulatory approval. Kroger announced the $24.6 billion offer to acquire Albertsons almost a year ago. Kroger shares declined 1.7% after hours, while Albertsons shares slipped 0.8%.