NEWS WATCH

SAFEWAY, Pleasanton, Calif., said Kohlberg Kravis Roberts & Co., the New York-based investor that engineered a leveraged buyout of Safeway in 1987, will continue to reduce its holdings in the retailer with an offering for the sale of 22.1 million shares of stock by two KKR affiliates, plus an additional 2.9 million shares that will be sold upon the exercise of warrants held by the two affiliates.

SAFEWAY, Pleasanton, Calif., said Kohlberg Kravis Roberts & Co., the New York-based investor that engineered a leveraged buyout of Safeway in 1987, will continue to reduce its holdings in the retailer with an offering for the sale of 22.1 million shares of stock by two KKR affiliates, plus an additional 2.9 million shares that will be sold upon the exercise of warrants held by the two affiliates. The proposed offering would reduce KKR's holdings to approximately 55.1 million shares, or

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