Albertson’S Merger Draws Speculators

Trading in Albertson’s Inc. and American Stores Co. stock was rattled Friday by rumors that California’s attorney general would take a hard line toward the antitrust implications of the pending merger between the two supermarket chains.

Spokeswomen for both Attorney General Dan Lungren and his successor, Bill Lockyer, said the rumors were just that - rumors. Idaho-based Albertson’s is planning to buy Utah-based American Stores. The deal would create the second-largest U.S. supermarket chain.

At one point Friday, Albertson’s shares were rising while American Stores shares were declining. Ordinarily the two stocks would be expected to rise and fall in tandem.

By the end of the day, both shares had fallen: Albertson’s dropped 37-1/2 cents to $56.50; American Stores was down 43-3/4 cents to $33.43-3/4. Both companies experienced more than twice the normal daily trading volume.