CSP Daily News

Tuesday, March 11, 2003 VOLUME 3 ISSUE 49  

TOBACCO
“Light” Case Weighing Heavily on Philip Morris
Tobacco company, industry observers not very optimistic
TECHNOLOGY
DTN Renews CITGO Agreement
Will continue delivering rack prices, transaction information, invoices, electronic notices
PETROLEUM
N.C. Travel Plaza Closed
Alleged dispute over returned checks occurs
FOODSERVICE
McDonald’s, Newman's Own in Exclusive Alliance
Fast feeder also experimenting with all-white-meat McNuggets
FINANCIAL
Tokheim Closes Sale of North American Assets
No additional bids forthcoming
SNACKS
Wawa & Beyond
Uptown Bakeries scouting for more customers
BEVERAGES
Vanilla Wars?
Pepsi may be developing rival to Vanilla Coke
SERVICES
Fuel Marketing Solutions Now Centego
Fuel Rewards program retains name
GROCERY
Kroger Shopping for Dominick’s?
Has already dipped toe in Chicago market with Food 4 Less
FUEL PRICES
Retail Prices up 5 Cents
Lundberg Survey data for two weeks ending March 7, 2003
U.S. Average Retail Gasoline Prices
EIA data for week of March 10, 2003

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Fas Mart Sale Imminent
Israeli investors to pay 10% less than asking price for 169-unit chain

MECHANICSVILLE, Va. -- Although two of the potential buyers of the Mechanicsville, Va.-based Fas Mart Convenience Stores Inc.--Israeli companies Granite Hacarmel Investments and Polar Investments--have since withdrawn from deal, the chain’s acquisition by another Israeli group, Gmul Investments, grew closer to implementation Friday, reported Globes Online, Israel.

Sources told the news source that Gmul, controlled by brothers Ellie and Jules Trump, and DJG Industries, controlled by Marlaz-Shore Area Construction Property & Holding, are about to acquire Fas Mart in equal shares. They also managed to lower the price of the deal by 10%, to $35 million, said the report. Sources close to the two companies believe a deal might be closed within two weeks, it added.

FULL STORY
 

More AGs on Gouge Alert
Illinois, Iowa and Wisconsin officials send letter to FTC

CHICAGO -- Attorney General Lisa Madigan of Illinois, Attorney General Peg Lautenschlager of Wisconsin and Attorney General Tom Miller of Iowa have jointly asked the U.S. Federal Trade Commission to examine whether some gasoline wholesalers or retailers in their states are taking advantage of the situation in Iraq by unjustifiably raising prices.

In a letter sent to FTC Chairman Timothy Muris, the attorneys general noted that the American Automobile Association (AAA) had said, according to the AGs, that companies are “coming dangerously close to price gouging.” As reported in CSP Daily News in mid-February, AAA spokesperson Geoff Sundstrom, reacting to gasoline price increases at that time, said the situation “looks uncomfortably close to price gouging.”

FULL STORY
 

DM Liquidation Plan Confirmed
Proceeds from sale to Bigfoot remain to be distributed to creditors

WILMINGTON, Del. -- Dairy Mart Convenience Stores Inc. has received confirmation of a Chapter 11 plan that calls for the dissolution of the company, said Dow Jones. Judge Arthur J. Gonzalez of the U.S. Bankruptcy Court in Manhattan signed an order confirming the plan Wednesday.

Dairy Mart filed the plan in November 2001. The debtor company has said it will take about six months to wind down its business once the plan goes into effect.

FULL STORY
 

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