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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 28, 1986
Page
5
Los Angeles reports gasoline prices have dropped about 84 cents a gallon in the past month, the steepest decline this year. Analyst Dan Lundberg notes the national average for all grades at 87.96 cents, with self serve averages near 81 cents and full service prices above $1.00. He predicts further decreases into the summer as consumption remains weak.
United Steelworkers local members kept picketing LTV Corp at Indiana Harbor Works for a third day in protest of cut health and life insurance benefits for retirees. Union officials vowed to persist until benefits are restored, while company officials called the strike illegal and cited a no strike clause. President David H. Hoag argued the strike jeopardizes long term security of all employees.
The United Steelworkers accuse USX Corp. of exaggerating losses to gain wage and benefit cuts as a contract deadline nears. USW cites audit showing USX healthier than LTV and Bethlehem, with net worth and cash positions far larger, while noting production idle and strike preparations.
Safeway Stores Inc. says it will merge with SSI Holdings Corp formed by Kohlberg Kravis Roberts to fend off a $3.9 billion Dart Group bid. The plan offers $69 a share for up to 45 million Safeway shares and $61.60 per share plus a warrant in the merger, subject to conditions and two thirds stockholder approval. Dart accuses Safeway of securities law violations and threatens legal action. Dart’s bid expires August 5.
The report asserts with certainty that the matter is exactly as stated, leaving no ambiguity about its nature or outcome. It emphasizes factual accuracy and clear identification of involved parties and circumstances.
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