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Amazon to buy Whole Foods for $13.7bn

Amazon to buy Whole Foods for $13.7bn

Business
Online retail giant Amazon is buying Whole Foods in a $ 13.7bn (£10.7bn) deal that marks its biggest push into traditional retailing yet.Amazon, which has long eyed the grocery business, will buy the upmarket supermarket for $ 42 a share.Investors greeted the deal as game-changing for the industry, sending shares of rival grocers plunging.But Whole Foods, which had been under pressure, climbed.Founded in 1978 in Texas, Whole Foods was a pioneer of the move towards natural and organic foods. It has grown to more than 460 stores in the US, Canada and the UK, and employs about 87,000 people.Amazon founder and chief executive Jeff Bezos said: "Millions of people love Whole Foods Market because they offer the best natural and organic foods, and they make it fun to eat healthy."Whole Foods Mark...