Food Fights on Wall Street

Grocery giants become the latest takeover targets

When the U.S. stock market crashed a year ago, few investors were more shell- shocked than speculators who had bet on potential takeover stocks. Even by the sobering standards of Black Monday, their losses were devastating, and soon after the market collapse, as the takeover stage lay nearly deserted, investors began wondering whether the curtain had fallen on the best show in town.

They need not have worried: the deals are back -- and bigger and bolder than ever. Last week top executives at RJR Nabisco stunned Wall Street by proposing what would be the biggest takeover in U.S. history: a...

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