Hewlett-Packard to cut 24,600 positions

SAN FRANCISCO --- Hewlett-Packard Co. said Monday it plans to slash 24,600 jobs over the next three years, nearly 8 percent of its work force, as it combines operations with Electronic Data Systems Corp., the technology-services company it recently acquired.

The cuts represent the Palo Alto-based company's most aggressive move yet to streamline its operations under Chief Executive Mark Hurd, who engineered the $13.9 billion acquisition to challenge IBM Corp. for more of the lucrative, long-term business of helping companies manage their computing infrastructure.

Most of the cuts will come from within EDS' ranks, and nearly half will be jobs in the U.S., HP announced Monday after the stock market closed. HP said it plans to eventually add about half the positions back as different jobs in different departments within the company.

Some of the areas expected to get hit include the finance, human resources and legal departments, areas where there are traditionally overlapping duties within combined companies.

Deal puts Wendy's in care of big investor

NEW YORK --- Shareholders of Wendy's and Triarc approved a $2.34 billion deal Monday that will make the nation's No. 3 hamburger chain a part of billionaire investor Nelson Peltz's empire.

Triarc Cos. Inc. shareholders voted from New York while shareholders of Dublin, Ohio-based Wendy's International Inc. approved the deal from the company's headquarters. Directors of both companies had already OK'd the transaction.

Atlanta-based Triarc operates the Arby's fast food chain and is owned by Mr. Peltz. Triarc said it will change its name to Wendy's/Arby's Group Inc.

Best Buy to purchase Napster music firm

CHICAGO --- Napster Inc., the online music community that rose from a dorm room project to became the scourge of the global recording industry, is being purchased by Best Buy Inc. for nearly $127 million as the electronics retailer tries to boost its digital music business.

The $2.65 per share all-cash deal announced Monday is nearly double the music network's Friday closing price but a small sum to pay for Best Buy, which gets access to Napster's 700,000 subscribers who pay a monthly fee for digital music catalogs.

The takeover, which must receive regulatory and shareholder approval, is expected to close in the fourth quarter.