Google unveiling Excel competitor

Google will introduce a spreadsheet program today, continuing its expansion into territory long dominated by Microsoft.

Although it's still considered a work in progress, Google's online spreadsheet will offer consumers and businesses a free alternative to Microsoft's Excel.

To avoid swamping the company's computers, Google's spreadsheet initially will be distributed to a limited audience. Google also wants more time to smooth out any kinks and develop more features, said Jonathan Rochelle, the product manager of the new application.

The Mountain View, Calif.-based company planned to begin accepting sign-ups for the spreadsheet at 6 a.m. Seattle time today through the "labs" section of its Web site.

Longview Fibre

Firm won't fight buyout meeting

Specialty container and paper maker Longview Fibre said Monday that it would not oppose a special shareholders' meeting to discuss a buyout offer from a private equity consortium.

Obsidian Finance Group and investment management company Campbell Group, whose buyout offer of about $1.3 billion has been twice rejected by Longview as undervaluing the company, last week said they had filed with securities regulators to launch a consent solicitation for a special meeting of Longview shareholders.

"We ... assume that such a meeting will be called and, therefore, have determined not to spend corporate funds in soliciting against the calling of such a meeting," Longview said in a letter to shareholders Monday, adding that it will continue to oppose the offer.

Microsoft

Microsoft said Monday that it will expand its partnership with Qwest Communications International and offer its Windows Live services to Qwest's residential DSL Internet customers.

Microsoft will make Windows Live OneCare, its subscription-based PC service package, available to Qwest users, and the two companies are developing a portal-like Web page tailored to customers. The companies said the service would be available later this year but did not give specific launch date or pricing information.

Sweetened terms for merger OK'd

The boards of Lexar Media and Micron Technology on Monday approved sweetened terms for their proposed merger deal, now worth $945 million.

Boise-based memory-chip maker Micron said Friday it would increase its offer for Lexar by about 5 percent to quell shareholder dissent. But the terms were rejected by billionaire investor Carl Icahn, who complained that the new proposal still undervalued the manufacturer of digital memory cards.

Investors will vote on the deal June 16.

India service center off drawing board

Apple Computer said it has abandoned plans to build a customer-service center in India.

"We have re-evaluated our plans and have decided to put our planned support-center growth in other countries," Apple spokesman Steve Dowling said Monday.

Apple announced plans in April to build a center in Bangalore to field customer calls.

About 30 employees were told last week of the decision to abandon those plans, according to Apple employees interviewed by The Times of India, which first reported the news.

Apple had earlier said it would hire up to 600 employees to staff the call center by the end of the year, according to The Times.

Dowling declined to comment beyond his statement.

Apple operates a sales and marketing office in Bangalore.

$4.8 billion purchase of Trizec Properties

Brookfield Properties said Monday it will acquire Trizec Properties and its Canadian arm for $4.8 billion in a commercial-property deal creating one of North America's landlords.

Investment firm The Blackstone Group joined Brookfield in the purchase, which is expected to close in the third or fourth quarter.

In addition to what is being paid for Trizec shares, Brookfield will assume $4.1 billion in Trizec debt.

The deal highlights just how hot the U.S. office market remains even as residential real estate loses some sizzle.

It will nearly double the size of Brookfield, which already includes the World Financial Center in Manhattan and other former holdings of Toronto's Reichmann family, whose Olympia & York real-estate empire stumbled after developing the massive Canary Wharf project in London.

Shares in Trizec Properties jumped $4.08, or 16.6 percent, to close at $28.68, while Brookfield Properties rose 19 cents to $31.17.

Growth slowing in service sector

The service sector of the U.S. economy expanded in May but at a slower pace than in April, a private survey of supply managers said Monday.

The report offered a possible indication that fuel prices are starting to crimp growth in the sector, which accounts for two-thirds of the U.S. economy.

The survey by the Institute for Supply Management (ISM) indicated concern about the prices of raw materials and fuels.

The ISM index of nonmanufacturing activity was 60.1 in May, down from 63 in April. The latest reading matched analysts' expectations.

A reading of 50 and above points to growth, while a figure below 50 signals contraction.

Managers in diverse sectors like transportation, banking and retailing reported that climbing energy costs were having an impact.

Increases in general business activity, new orders and backlogs slowed in May compared with April, while increases in prices paid, hiring and foreign trade accelerated.

Executive named to lead direct sales

Hewlett-Packard, the world's largest printer maker and No. 2 personal-computer company, named former Best Buy executive Sam Taylor to manage its online sales in a bid to boost direct orders of its products.

Taylor, 45, will be immediately in charge of Web, catalog and telephone sales of PCs and printing products in his newly created position as senior vice president, Hewlett-Packard said Monday.

By hiring Taylor to focus on direct sales, HP Chief Executive Mark Hurd is working to extend the company's expertise in an area that's been dominated by rival Dell.

Unlike PC market leader Dell, which gets all of its sales through the Web and phone orders, Hewlett-Packard relies on more than 140,000 retailers to help sell its products.

Investors suit alleges improper stock sales

Vonage, the Internet phone company whose shares have fallen 28 percent since their debut, was accused in a class-action lawsuit of violating securities laws and improperly selling shares to customers.

The suit was filed June 2 in U.S. District Court in New Jersey by law firm Motley Rice, according to the firm's Web site.

On May 23, Vonage amended a May 22 filing and repeated a warning it may have made technical errors in its initial public offering, which raised $531 million.

The lawsuit alleges Vonage, its directors and underwriters violated NASD rules when it presold 13.5 percent of the IPO to customers.

Vonage did so because there wasn't enough demand for the offering from institutional investors, the law firm said.

The company was also accused of misleading investors in its prospectus.

The suit seeks to recover damages for people who lost money on the IPO, according to Motley Rice.

Coated-paper unit attracts buyer

International Paper, the world's largest paper maker, will sell its coated-paper business to CMP Holdings, an affiliate of the investment firm Apollo Management, for $1.4 billion, the companies said Monday.

The deal includes the sale of four paper mills in Maine, Michigan and Minnesota.

International Paper has been selling millions of acres of forest and had said it wanted to sell some of its paper businesses as part of an effort to boost performance.

The sale, which requires regulatory approval, is expected to close in the summer.

The coated-paper business generated $1.6 billion in sales for International Paper in 2005, the company said.

Compiled from Bloomberg News, Reuters, The Associated Press and Seattle Times business staff