Heinz buys sauces

H.J. Heinz Co., the nation’s largest ketchup maker, agreed Monday to buy the HP Foods and Lea & Perrins sauce divisions from France’s Groupe Danone for $852 million.

As part of the deal, Heinz gets condiments including Lea & Perrins Worcestershire sauce, HP Sauce, and Rajah spices as well as a license to manufacture Danone’s Amoy brand of Asian sauces in Europe.

Internet

‘Google Wallet’ may challenge eBay

Hoping to build upon the power of its leading Internet search engine, Google Inc. is said to be developing an online payment system that would pose a challenge to online auctioneer eBay Inc.’s industry-dominating PayPal service.

Industry analysts, merchants and investors were digesting reports Monday that the Mountain View, Calif.-based company is testing a payment system – code-named “Google Wallet” – in hopes of rolling out the service later this year.

Scandal

Adelphia founder, son sentenced to prison

John Rigas, who turned a $300 investment a half-century ago into cable behemoth Adelphia Communications Corp., was sentenced to 15 years in prison Monday for his role in the looting and debt-hiding scandal that pummeled the company into bankruptcy three years ago.

Rigas’ son Timothy, 49, who like his father was convicted last year of bank fraud, securities fraud and conspiracy, was sentenced to 20 years in prison.

Adelphia prosecutors had accused the Rigases of using complicated cash-management systems to spread money across various family-owned entities and as a cover for stealing about $100 million for themselves.

Communications

Cablevision offers to go private

After months of intense public scrutiny, the family that controls Cablevision Systems Corp. is offering to take the cable TV provider private, marking the latest dramatic turn for a company that has been riven by a family feud.

Cablevision also will spin off its cable channels – AMC, IFC and WE – into a new company called Rainbow Media Holdings that will include several regional sports networks, Madison Square Garden, New York Knicks and New York Rangers.

Agriculture

Harvest speeds ahead

The winter wheat harvest is in full swing across much of Kansas, with about 10 percent of this year’s crop already in the bin, Kansas Agricultural Statistics Service reported Monday.

The agency rated wheat condition as 6 percent excellent, 30 percent good,39 percent fair, 19 percent poor and 6 percent very poor.