Newspaper article St Louis Post-Dispatch (MO)

Briefcase

Newspaper article St Louis Post-Dispatch (MO)

Briefcase

Article excerpt

NATIONAL TELECOMMUNICATIONS BellSouth Fires 1st Shot In Battle Over AT&T-McCaw Merger

BellSouth Corp. filed a suit Thursday against the planned merger of American Telephone & Telegraph Co. and McCaw Cellular Communications Inc., marking the first court challenge to the proposed $12.6 billion transaction.

A motion, filed in U.S. District Court in Washington, shifts to the courts the objections of the Baby Bells, which had been seeking to use the merger as a lever to ease current restrictions on their own services.

The seven regional Bell operating companies, of which BellSouth is the largest, fear the proposed merger will restore to AT&T the right to compete with the Bells in providing local telephone service. AT&T was stripped of that right by a 1984 consent decree that separated AT&T's local phone businesses into the Baby Bells. Bloomberg

***** RETAIL Kmart Sells PayLess To Thrifty Drug Chain

Kmart Corp. said Thursday it is selling its PayLess Drug Stores unit for more than $1 billion to TCH Corp., the California operator of the Thrifty Drug Stores chain.

TCH, a privately held Los Angeles investment partnership managed by Leonard Green & Partners, owns 494 Thrifty Drug Stores in California and 41 Bi-Mart membership drug stores in Oregon. PayLess runs 572 stores in California, Washington, Oregon and nine other Western states. Reuters

***** AUTOS Chrysler Dividend Up

Chrysler Corp. Thursday rewarded shareholders for staying with the once-ailing automaker by increasing its quarterly dividend by 33 percent to 20 cents a share. The move, which had been expected now that Chrysler is on firmer financial ground, will cost the automaker almost $72 million a year in additional payouts to shareholders. …

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