News In Brief
Although it's occupied with recalling millions of Firestone tires on its vehicles, Ford Motor Co. was expected to announce it will purchase 200 acres near its Chicago car-assembly plant to set up an area for its suppliers, sources familiar with the plan said. The new venture, the Chicago Sun-Times reported, could create about 1,000 jobs.
The holding company owned by billionaire financier Warren Buffett, Berkshire Hathaway Inc., offered about $2 billion in cash for Shaw Industries Inc.. The latter, based in Dalton, Ga., is the largest maker of tufted broadloom carpets. Its shares soared more than 50 percent on reports of the takeover bid, which has the tentative support of top Shaw executives. Omaha, Neb.-based Berkshire already owns significant stakes in Coca-Cola and American Express.
A $2 billion buyout of its own US subsidiary was offered by Belgian mass retailer Delhaize Group, the company said in Brussels. The all-stock deal, if accepted, would give the company 100 percent ownership of Salisbury, N.C.-based Delhaize America; it currently holds 45 percent of the latter's shares. The parent company operates supermarkets, pharmacies, and pet-supply houses in 11 countries and reported $15.3 billion in sales last year. Delhaize America comprises the Food Lion, Kash 'n Karry, Hannaford, Shop 'n Save, and Save 'n Pack chains along the Eastern seaboard and HomeRuns.com, an online, next-day grocery delivery service.
(c) Copyright 2000. The Christian Science Publishing Society