Shareholders in retailers Albertson's and Supervalu have approved the sale of Albertson's to a consortium of investors made up of Supervalu, CVS Corporation and an investor group led by Cerberus Capital Management

Food & Drink Weekly, June 5, 2006

Shareholders in retailers Albertson's and Supervalu have approved the sale of Albertson's to a consortium of investors made up of Supervalu, CVS Corporation and an investor group led by Cerberus Capital Management. The deal was approved by Albertson's shareholders at a special meeting held in New York City on 30 May.

Chairman, CEO and president Larry Johnston said that approximately 98% of the total shares that voted on the approval of the transaction voted for its approval, which represented approximately 60% of the company's common shares outstanding on April 24. As a result, the merger agreement for the transaction has been approved. At another special meeting, Supervalu's shareholders approved its part in the Albertson's acquisition. Ratification by both groups of shareholders means the companies can now proceed to close the transaction.