Key Takeaways Kroger shares rose Thursday morning after the retailer said it is abandoning the Albertsons merger and restarting stock buybacks.The grocery chain said after the bell Wednesday that it will begin a new $7.

Albertsons said Kroger has failed to make best efforts to secure regulatory approval of the deal, a claim the latter called “baseless.”

Kroger is buying back billions of dollars in stock, putting to use some of the capital it was planning to use in a megadeal.

The supermarket chain had tried to join forces with Kroger, but judges sided with federal and state regulators who charged that the merger would reduce competition.

For the two grocery rivals, which had been on track to marry their numerous supermarket banners, the lawsuit amounts to a corporate divorce battle.

A federal judge blocked the deal and sided with the Federal Trade Commission, which raised antitrust concerns over the merger.

Thwarted by federal and state judges, Albertsons gave up on its proposed $24.6 billion sale to Kroger and sued its would-be merger partner.

Kroger is buying back billions of dollars in stock, putting to use some of the capital it was planning to use to buy Albertsons.

Kroger (NYSE:KR) on Wednesday announced a $7.5B stock buyback in the wake of its terminated merger with Albertsons (NYSE:ACI). The new buyback plan replaces the company's existing $1 billion authorization,