News In Brief
Fast-growing help-desk software specialist Peregrine Systems said it would acquire rival Remedy Corp. for $1.08 billion in cash and stock. Peregrine, based in San Diego, also bought e-commerce softwaremaker Harbinger last year. Remedy is based in Mountain View, Calif.
Warnaco Group, a leading maker of licensed apparel for Ralph Lauren, Calvin Klein, Speedo, Cole of California, and other fashion brands, filed for protection from creditors under Chapter 11 of the federal bankruptcy code. The company reported debt of $1.76 billion and lost $62.5 million in the first quarter of its fiscal year. Warnaco is based in New York.
Cargill, the largest privately held US company, will divest itself of most of its rubber operations through its international trading unit, the company announced. A spokesman said Cargill wants to focus on its core food and agricultural businesses. Although rubber has been a profitable business, he said it "didn't fit into the strategy of the company." Last year, Cargill also sold its coffee business.
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