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Sysco pulling out of US Foods buyout after FTC move

Sysco pulling out of US Foods buyout after FTC move

Sysco is scrapping its proposed $3.5 billion buyout of US Foods after a Federal Trade Commission legal victory that temporarily blocked the deal to combine the two food-service companies. The FTC opposed the deal, saying it would reduce competition by putting 75 percent of the national market for suppliers to restaurants and other food-service operations under the control of one company. The U.S. District Court for the District of Columbia granted the halt last week. The agency was joined by the attorneys general of 10 states, including Maryland's Brian E. Frosh, who cited data showing even greater control of the restaurant market in the Baltimore-Washington corridor. Frosh applauded...

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