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* Sears, Roebuck & Co. said it would phase out its pension plan, eliminate most stock options and reduce bonuses to be more competitive with retailers such as Wal-Mart Stores Inc. that offer less costly benefits to employees.
* The supervisory board of Aventis, France’s biggest drug maker, unanimously rejected a hostile takeover bid by French rival Sanofi-Synthelabo and recommended that shareholders vote against it.
