Vons Agrees To Safeway Buyout

Vons Cos. Inc. agreed to a takeover offer from Safeway Inc. that has been cheapened because of Safeway’s recently sagging stock price.

The offer values Vons stock at $2.46 billion - about 2.5 percent less than when the deal was announced in October. Safeway already owns 34.5 percent of Vons, which has most of its stores in southern California.

A combination of the two would solidify Safeway’s position as the second-largest supermarket company in North America.