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• Costco Wholesale reportedly has reached a tentative contract agreement with Teamsters representing 13,000 California workers after four months of negotiation. While details of the deal were not disclosed, the union said there were “significant gains” in wages and retirement benefits. Union members will vote on the package in the next two weeks.

• Kraft Foods has reached a deal to sell the 114-year-old hot cereal brand Cream of Wheat to B&G Foods for $200 million, a move that Kraft says it is making so it can focus on core products such as cheese, snacks and beverages.

Bloomberg News reports that beef and pork producer Swift is considering a possible buyout after receiving “unsolicited inquiries” during the last six months.

JPMorgan Chase has been hired to help the company review its strategic and financial alternatives.
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