Newspaper wrap-up: Home Depot (HD) unit sale in limbo

MAJOR PAPERS:

According to people familiar with the matter, Home Depot Inc (NYSE: HD) was close to accepting about $1.2B less for the sale of its wholesale distribution business to three private-equity firms, but there was uncertainty about whether the deal would close by last night's deadline, reported the Wall Street Journal (subscription required).
Ford Motor Company (NYSE: F) CEO Alan Mulally urged the Federal Reserve to stimulate the economy and focus on economic growth, reported the Financial Times (subscription required).

OTHER PAPERS:

British energy company BP plc (NYSE: BP) is warning that a fierce environmental campaign may force it to scrap a $3.8B expansion at one of America's biggest oil refineries, reported the U.K. Times.
From BusinessWeek's "Inside Wall Street" column:

Spirits company Diageo plc (NYSE: DEO) may be the perfect tonic for jittery markets, and could appreciate 20% to 25% annually for several years, said Randy Haase of Baron Fifth Avenue Growth Fund.
As household budgets get squeezed, consumers are likely to spend more at discount retailers - and TJX Companies Inc (NYSE: TJX), owner of T.J . Maxx, is one of the best bets.
In September, Arena Pharmaceuticals Inc (NASDAQ: ARNA) will announce 6-month safety review for its lead drug, lorcaserin, an obesity drug, which is in a large phase III test.

Tags: arena, arna, bp, business week, BusinessWeek, deo, diageo, f, financial times, FinancialTimes, ford, ft, hd, home depot, HomeDepot, inside wall street, InsideWallStreet, london times, LondonTimes, newspaper, paper, periodical, tjx, uk times, UkTimes, wall street journal, WallStreetJournal, wsj

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