Aug 23, 2017

Whole Foods shareholders back Amazon deal

Amazon's plan to buy Texas grocer Whole Foods for $13.7bn cleared an initial hurdle on Wednesday, as shareholders of the supermarket voted in favour of the deal. The merger would combine Whole Foods' physical footprint with Amazon's delivery prowess. 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. The $13.7bn value includes assumption of Whole Foods' debt. The deal allows Amazon to leap into the food industry, an area that it has been experimenting with for years.

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