Business Briefs

Reported by Star-Bulletin staff & wire

Friday, June 18, 1999

Cayetano to extend convention authority

Gov. Ben Cayetano intends to sign into law a bill extending the life of the Convention Center Authority through June 30, 2000, his spokeswoman said today.

Hawaii Tourism Authority members expressed concerns earlier this week that he might veto it and allow the CCA to sunset at the end of this month, which would load responsibility for the center on the HTA before it has the staff or the finances to handle it.

But Cayetano spokeswoman Kathleen Racuya-Markrich said the governor decided that he will sign the measure last week before leaving for a mainland trip.

Kmart stock rises on takeover talk

TROY, Mich. -- Kmart Corp. shares rose 12 percent today on speculation that the No. 2 U.S. discount retailer may be a takeover target by supermarket chains bracing for competition from Wal-Mart Stores Inc.

Safeway Inc., the No. 2 U.S. supermarket chain, may be considering Kmart for purchase, Business Week reported in its "Inside Wall Street" column yesterday. An unnamed New York money manager said Kmart could fetch $30 a share in a buyout, the magazine said. Kmart CEO Floyd Hall in October said the retailer may consider a merger with a supermarket chain or food wholesaler to expand its grocery and drug selections.

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