Oct 18 Safeway Inc said on Friday its
board authorized an additional $2 billion in stock repurchases,
adding to the roughly $800 million the grocery store operator
had left under an existing authorization at the end of the third
Shares of Safeway rose to $34.00 in premarket trading after
closing at $33.38 on Thursday.
In September, hedge fund Jana Partners LLC disclosed that it
had acquired a 6.2 percent stake in Safeway and had held talks
with Safeway about reviewing strategic alternatives and what it
considered its undervalued shares. The hedge fund also said it
had spoken with Safeway about exiting lower margin areas.
Earlier this month, Safeway said it was leaving the Chicago
(Reporting by Jessica Wohl in Chicago; Editing by Gerald E.