Business news in brief

By The Associated Press

Government regulators close investigation into Ford Focus recalls

Government safety regulators said Monday they have closed an investigation into two previous recalls of the Ford Focus after determining that Ford Motor Co. has satisfied its concerns.

In 2018, Ford recalled around 1.5 million Ford Focus sedans from the 2012-2018 model years because they could lose power. The issue was a malfunctioning canister purge valve and software that didn’t adequately detect when it was stuck open. If the valve was stuck open, excessive vacuum could build up in the fuel management system and deform the fuel tank.

American consumers feeling less confident in December

American consumers are feeling less confident in December, a business research group says.

The Conference Board said Monday that its consumer confidence index fell back in December to 104.7 from 112.8 in November. Analysts forecast a rise to a reading of 113.8. Consumers had been feeling increasingly confident in recent months, spending more in the run-up to the all-important holiday shopping season.

The consumer confidence index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.

Nordstrom to be acquired in $6.25B deal

Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal with the industry being squeezed by discount chains and other competition.

Public companies are under a lot more scrutiny and if private, the Nordstrom may have more leeway in reviving a department store chain that has been attempting to reinvigorate sales for years.

Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, or about $4 billion in all, representing a 42% premium on the company’s stock as of March 18, when reports of a potential transaction was reported by the media.

—From AP reports