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Safeway and Albertsons merger agreement announced

Safeway and Albertsons to Merge

Safeway and Albertsons announced in a statement, a definitive agreement under which AB Acquisition LLC will acquire all outstanding shares of Safeway. Safeway shareholders are expected to receive total value estimated at $40 per share. The merger agreement was unanimously approved by the Board of Directors of Safeway. Albertsons’ Chief …

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Grocers, union workers continue negotiations

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The contract that covers most employees at three of Southern California’s largest supermarket chains has been extended indefinitely until a new contract can be reached. The agreement between Albertsons, Ralphs and Vons and approximately 60,000 members expired Sunday, but a union official said its members will continue to be covered …

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IE businesses to get expansion loans

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Some small businesses in the Inland Empire will soon divvy up $21 million in loans that they will use to expand their operations. Eleven Inland businesses – none of which are being identified yet – have been approved for the loans, with one of those businesses slated to receive $7.5 …

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Corporate HQ leaves Temecula

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Channel Communications Corp. in Temecula will move its corporate headquarters to Texas. The company, which provides plastic boxes and connective copper and fiber products to the telecommunications and broadband industries, announced last week that it will build a 175,000-square-foot facility in Rockwall, Texas, according to a report originally published in …

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Inland beverage company stays profitable

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Monster Beverage Inc., the Corona-based manufacturer of energy drinks, continues to post strong profits. The publicly-traded company reported a net profit of $76.1 million, or 44 cents a share, during the final three months of 2013, according to the company’s latest earnings report, which it posted on its website last …

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Arrests made in mortgage loan fraud operation

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Seven people were arrested Wednesday in connection with a mortgage fraud scam in San Bernardino County. The suspects allegedly defrauded more than 1,550 homeowners in the county who were trying to adjust their home loans during the foreclosure crisis, according to a report originally published in The Press-Enterprise. Collectively, the …

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