BRIEFCASE GGP'S ACQUISITION OF GALLERIA FINAL.

Byline: - Staff and Wire Services

GLENDALE - General Growth Properties, owner of Northridge Fashion Center and Fallbrook Center, has completed its acquisition of the Glendale Galleria.

The $415 million transaction, announced in late October, brings the mall operator a 50 percent interest in the 1.5 million-square-foot center. GGP partnered with the New York State Common Retirement Fund, one of the Galleria's previous owners, and bought the remaining interest from former managing partner JSG LLC and health care firm Cigna.

A bankrupt United could hurt Disney

BURBANK - The Walt Disney Co.'s business relationship with United Airlines could cost it up to $114 million if the troubled airline files for bankruptcy, CBSMarketWatch.com reported Thursday. The entertainment firm leases four aircraft to United, part of an early '90s investment of $289 million, along with an additional seven split between Delta and FedEx.

If United seeks protection from the bankruptcy court, analysts speculated that Disney may have to write down its investment, which could cut into profits 4 cents per share.

Northrop, TRW express optimism

CENTURY CITY - Northrop Grumman Corp. and TRW Inc. reported Thursday that they continue to have ``constructive discussions'' with the Department of Justice relating to their proposed merger.

In a joint statement, the companies said they ``continue to believe that a mutually acceptable consent decree can be reached within the next several days.''

Every effort will be made, the companies said, to complete the merger promptly after expected shareholder approval at meetings next Wednesday.

But in an agreement with the Justice Department, the firms pledged that in the event the consent decree is not finalized by Monday, they will not close the merger until that occurs or until Dec. 16, whichever is earlier.

Intel is boosting revenue forecast

SAN JOSE - Chip-making giant Intel Corp. on Thursday boosted its revenue forecast for the fourth quarter, the result of greater-than-expected demand for computer microprocessors.

The company now expects sales of between $6.8 billion and $7 billion for the three months ending Dec. 28, up from the previous estimate of between $6.5 billion and $6.9 billion.

No estimate of earnings was released, though analysts expected a profit of 13 cents per share on sales of $6.7 billion, according to a survey by Thomson First Call.

Cantalupo to head McDonald's Corp.

CHICAGO - McDonald's Corp. is replacing its chairman and chief executive, Jack Greenberg, as it struggles to emerge from a deep, two-year slump.

The fast food chain said Thursday that Greenberg, 60, has decided to retire at the end of this year after 21 years at the company. McDonald's board elected the company's president and vice chairman, Jim Cantalupo, 59, to take over the top two spots.

McDonald's has reported lower earnings in seven of the past eight quarters and recently announced it is slowing its expansion pace as it grapples with a crowded restaurant market, sluggish economy, complaints about poor service and a depressed stock price.

Merck to surpass Street estimates

TRENTON, N.J. - Merck & Co., the world's No. 3 pharmaceutical company, said Thursday it expects earnings to be up sharply in 2003 compared with this year, surpassing Wall Street's most recent estimates.

The Whitehouse Station-based company said anticipated double-digit growth in its core pharmaceuticals business should bring in earnings per share between $3.40 and $3.47 in 2003. However, that figure is based on having a full year's net income from its prescription benefit management subsidiary, Medco Health Solutions.