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7-Eleven to acquire 28 Pacific Convenience locations, will remodel/rebrand all
Dallas -- 7-Eleven is acquiring the retail interests of 28 locations owned by Pacific Convenience & Fuels LLC.
The acquisition includes sites in California, Oregon, Washington and Colorado, and is slated to close in fourth quarter 2011. Terms of the transaction have not been disclosed.
All of the locations will be rebranded as 7-Eleven and will retain the Conoco-Phillips/76 gasoline brands.
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Vornado ups stake in J.C. Penney
Plano, Texas -- J.C. Penney Co. said Monday in a regulatory filing that it has allowed shopping center owner Vornado Realty Trust to increase its stake in the department store retailer, from 9.9% to 15.4%.
The move eases a poison-pill restriction that had prevented Vornado from previously buying additional J.C. Penney shares. It mirrors a deal struck with Penney’s largest shareholder William Ackman, who received the go-ahead to up his stake, held through his Pershing Square Capital Management hedge fund, from 16.5% to as much as 26.1%.