Business news in brief

By The Associated Press

Darden Restaurants buys Tex-Mex chain Chuy’s for $605 million

Darden Restaurants is adding Tex-Mex to the menu.

The parent company of Olive Garden, LongHorn Steakhouse, Yard House and other chains, said Wednesday it’s buying Chuy’s for approximately $605 million.

Darden said it will acquire all outstanding shares of Chuy’s for $37.50 per share. Those shares closed at $25.27 apiece on Wednesday, then soared past $37 in after-hours trading once the deal was announced. Darden shares fell 1% in after-hours trading.

Darden said the boards of Darden and Chuy’s have unanimously approved the acquisition. The deal is expected to close later this year, if it’s approved by Chuy’s shareholders.

European Union court says TikTok owner can’t avoid

bloc’s law

LONDON | TikTok owner ByteDance can’t avoid the bloc’s crackdown on digital giants, a European Union court said Wednesday in a decision that found the video sharing platform falls under a new law that also covers Apple, Google and Microsoft.

The EU’s General Court rejected ByteDance’s legal challenge against being classed as an online “gatekeeper” that has to comply with extra obligations under the 27-nation bloc’s Digital Markets Act.

The rulebook, also known as the DMA, took effect this year and seeks to counter the dominance of Big Tech companies and make online competition fairer by giving consumers more choice.

United Airlines Q2 profit rises to $1.32 billion

United Airlines has reported higher profit in the second quarter, thanks to record crowds at U.S. airports. United said Wednesday that its profit rose 23% to $1.32 billion in the three-month period that ended June 30.

However, the airline warned that its third-quarter results will fall short of Wall Street expectations. That’s because airlines are adding more flights than the market can handle, creating a glut of seats that is keeping prices from rising.

Airlines are trimming their schedules for mid-August and beyond, which United says will help reduce the oversupply of flights.

—From AP reports