Whole Foods to lower prices after Amazon deal

By Barry Eitel

SAN FRANCISCO

Amazon said Thursday its $13.7 billion deal to acquire Whole Foods Market will close Aug. 28, following regulatory approval this week.

Whole Foods will lower prices on groceries, once the deal is completed next week, the companies said Thursday.

Among the foods that will be offered at lower prices will be bananas, eggs, butter, salmon and meat.

Amazon will also begin offering Whole Foods branded products on its website.

“We’re determined to make healthy and organic food affordable for everyone,” Jeff Wilke, the chief executive of Amazon’s worldwide consumer business, said in a statement. “Everybody should be able to eat Whole Foods Market quality – we will lower prices without compromising Whole Foods Market’s long-held commitment to the highest standards.”

Federal antitrust regulators on Wednesday approved the deal, as well as the board at Whole Foods.

Shares of Amazon sunk Thursday amid the news, although the stock closed at $952.45, just 0.58 percent below the previous day’s close. Shares of Whole Foods rose 0.72 percent to close at $41.98.