Afternoon Coffee: Walgreens to Acquire Rite Aid, UPS Announces Plans to Respond to Holiday Shipment Increases

Walgreens will buy rival drugstore operator Rite Aid for $17.2 billion. Rite Aid would maintain its brand name for now under the deal, Walgreens said.

Earlier this week FedEx said it expects an increase in holiday shipments this year, and now UPS is echoing that prediction. UPS is planning for a 10% hike in packages this holiday season by bringing on “just-in-time labor” and other company measures.

Consumer confidence took a dip in October, falling to 97.6 from the 102.6 reading in September, according to the latest data from the Conference Board. Less optimism about the job market and short-term outlook dragged confidence down this month.

British regulators are giving Anheuser-Busch InBev more time to make its formal offer to acquire SABMiller. Anheuser-Busch InBev and SABMiller reached a takeover deal in principle earlier this month, but a formal offer is needed, and Anheuser-Busch InBev now has until Nov. 4 to do so.

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