March 23, 2018 / 12:48 PM / 7 months ago

'No truth' in report of possible Target-Kroger merger: source

(Reuters) - There is no truth to a report of merger talks between retailers Target Corp (TGT.N) and Kroger Co (KR.N), a source familiar with the matter told Reuters on Friday.

FILE PHOTO: Shopping carts are seen at a Target store in Azusa, California U.S. November 16, 2017. REUTERS/Lucy Nicholson

Earlier on Friday, tech focused magazine Fast Company reported that the companies are in possible merger talks, sending the shares of both companies higher.

FILE PHOTO: A logo of Kroger is displayed on a monitor above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., December 5, 2017. REUTERS/Lucas Jackson

“There is no truth to this rumor,” the source said.

Kroger spokeswoman Kristal Howard said: “We generally don’t comment on rumors or speculation.”

Kroger has a market cap of $20.62 billion and Target $37.12 billion.

Korger shares that were up 13 percent before the bell pared their gains to trade up 2.5 percent at $24. Shares of Target are up 1.5 percent at $70.

Reporting by Nandita Bose in New York and Uday Sampath in Bengaluru; Editing by Arun Koyyur

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