Wal-Mart considers store at Manana location

Wal-Mart Stores Inc. said it hopes to build a standard 140,000-square-foot store at Manana, its third on Oahu, if the company completes a deal to purchase 20 acres at Manana from the city.

The Arkansas-based company, which has Wal-Mart stores in Mililani and Waipahu, is looking at several locations for another store. There is no firm agreement yet with the city, although both sides have exchanged offers, said Wal-Mart spokesman Pete Kanelos. The store would employ up to 300 people, Kanelos said. The Manana property is located just above a Sam's Club warehouse operated by Wal-Mart at the Pearl Highlands Center.

The city is selling the property as part of a legal settlement with Kamehameha Schools and lessee Maunalua Associates over two parcels of land near Sandy Beach. Wal-Mart has made an offer on the Manana property, and if the deal closes, the lawsuits are over, according to the city.

Century 21 merges with Millennium Realty

Century 21 All Islands has merged with Millennium Realty in Makawao, Maui, and the combined company is operating under the Century 21 name.

Tracy Kalama, owner and principal broker of Millennium Realty, has assumed the position of broker-in-charge, Century 21 said.

Century 21 said it is one of the largest real estate companies in the state with nine offices and approximately 225 employees. Its gross sales totaled more than $250 million last year. In the past couple of years, Century 21 has absorbed real estate firms Personalized Sales & Service and Pacific Paradise Properties Corp. on Kauai.

Schuler Homes completes merger

Hawaii-based Schuler Homes Inc. yesterday completed its expected $1.6 billion merger with Arlington, Texas-based D.R. Horton Inc., creating the nation's second-biggest homebuilder.

Horton is paying about 20.1 million of its shares, which closed yesterday at $37, and $168.7 million in cash to Schuler shareholders. In addition, the Texas company is picking up about $712 million in Schuler debt.

Schuler's stock was delisted from Nasdaq trading after the merger. The conclusion of the deal calls for Jim Schuler, who founded the Hawaii company, to become president of the Schuler Homes division of Horton and to have a seat on the Horton board of directors.

A news statement announcing the shareholder approval of both companies said that Horton will run Schuler as a separate "region" to build and sell homes in Hawaii and on the mainland under its existing Schuler Homes, Melody Homes, Western Pacific Housing and Stafford Homes names.

Air Canada to expand direct Hawaii flights

Air Canada said today it will introduce new direct Hawaii flights for next winter, starting Dec. 1. There will be two nonstop flights a week on each of three routes, Calgary-Honolulu, Calgary-Maui and Edmonton-Honolulu, as well as one flight a week Edmonton-Maui.

The airline, which already flies 16 Vancouver-Honolulu and five Vancouver-Maui flights a week, said the new flights will use Boeing 767 aircraft, seating about 200 people. That means an additional 1,400 seats into Hawaii each week.

EchoStar DISH satellite will beam video to Hawaii

CAPE CANAVERAL, Fla. >> A Lockheed Martin-built satellite that will provide more than 500 channels of digital video, audio and data services throughout the United States blasted into orbit yesterday aboard an Atlas IIIB rocket powered by a Russian-built engine. The 8,800-pound satellite will handle data for EchoStar Communications' DISH network. The satellite will let DISH Network customers in Alaska and Hawaii as well as within the continental United States receive local television stations in addition to premium channels.

EchoStar spokesman Marc Lumpkin said the ability to offer local programming will help the company compete more effectively against cable providers. The satellite is expected to be operational by April.

Northrop makes hostile $10.8 billion bid for TRW

Los Angeles >> Northrop Grumman Corp., seeking to become the biggest defense contactor, made an unsolicited offer of about $10.8 billion in stock and assumed debt for TRW Inc., three days after TRW's chief executive officer quit.

Northrop proposed paying $47 a share in stock, or 18 percent more than TRW's closing price yesterday. Shares of TRW, which is reviewing the offer and said the bid's timing was "regrettable," climbed 26 percent.

"It's a great, world-class business," said Northrop Chief Executive Kent Kresa. "Being involved more strongly in missile defense is an important part" of why Northrop is pursuing Cleveland-based TRW.

TRW's automotive parts unit, which accounts for about three- quarter of sales, will be separated from the company if a transaction is completed.

TRW's stock dropped as much as 14 percent this week after CEO David Cote resigned.

Shares of TRW rose $10.50 to $50.30. Los Angles-based Northrop fell $7.85, or 7.9 percent, to $109.95. Northrop would assume about $4.9 billion of TRW debt.