BERLIN — German stock exchange operator Deutsche Boerse AG said Monday that it has agreed to buy the U.S.-based options exchange International Securities Exchange Holdings Inc. for $2.8 billion in cash.

The acquisition would make Deutsche Boerse a major player in the U.S. options trading business, since ISE is the largest options market in the U.S. for individual stocks, including stock-index options.

The Deutsche Boerse statement said International Securities shareholders would get $67.50 per share for their stock. That represents a nearly 48 percent premium over Friday's closing ISE price.

ISE is the second-largest options market behind the Chicago Board Options Exchange.

Deutsche Boerse said the deal would have to win a majority at an extraordinary ISE shareholders meeting, which it said would take place "as soon as possible," and would also require approval by the U.S. Securities and Exchange commission.

SLOW GROWTH FOR CONSUMER SPENDING IN MARCH

WASHINGTON — Consumer spending rose at the weakest pace in five months in March as a surge in gasoline prices left shoppers with little left over for other items.

The Commerce Department reported Monday that consumer spending on all items was up 0.3 percent last month, the slowest increase since a similar rise in October. That lackluster gain came even though personal incomes rose by a healthy 0.7 percent last month.

The spending performance in March was even weaker when the effects of higher gasoline prices were removed. After adjusting for price increases, consumer spending actually fell by 0.2 percent in March, the poorest showing since September 2005 when the economy was suffering the aftershocks of Hurricane Katrina.

The weaker-than-expected consumer spending added to worries that the economy could be in danger of stalling out if consumer confidence falters further in the face of rising gasoline prices and a slumping housing market.

DELTA AIR LINES EXITS BANKRUPTCY

ATLANTA — Delta Air Lines Inc. waved farewell to bankruptcy protection Monday and put down a welcome mat for a redesigned logo after surviving a hostile takeover bid during a 19›-month reorganization that saw it shed billions in costs.

The board of directors of the Atlanta-based company will now turn its attention to picking a new leader to replace outgoing Chief Executive Gerald Grinstein and deciding whether to sell or spin off regional feeder carrier Comair.

Grinstein, 74, said in an interview during a bankruptcy exit celebration at Delta's headquarters that he expects choosing a successor for him to be the first priority for the board. He said he believes the board, which consists of seven new members, will spend May getting acquainted with the candidates and make a decision sometime after that.

The top internal candidates for CEO are Chief Financial Officer Ed Bastian and Chief Operating Officer James Whitehurst. Bastian said he will stay on with Delta even if he isn't picked as the new CEO. Whitehurst said he has chatted informally with some of the board members, but hasn't had an interview.

VERIZON SEES DROP IN FIRST-QUARTER EARNINGS

NEW YORK — Verizon Communications Inc.'s first-quarter earnings fell 8.4 percent to $1.5 billion as strong showings in the cell phone business and the crucial FiOS Internet and TV initiative were offset by the loss of income from assets the company sold over the past year.

The profit reported Monday also was hurt by a larger-than-expected loss of traditional telephone customers to cable TV companies and other rival providers, but the bottom line edged most Wall Street forecasts.

The profit for the first three months of 2007 amounted to 51 cents per share. In the same period last year, before Verizon's spinoff of its phone directories business and another asset sale, earnings totaled $1.63 billion, or 56 cents per share. The latest results included a loss of 5 cents per share on the forced divestiture of Verizon's stake in a Venezuelan telecommunications company as the government there nationalized assets.

DOMINION RESOURCES TO SELL U.S. UNIT

RICHMOND, Va. — Dominion Resources Inc. said Monday it plans to sell its offshore U.S. oil and natural gas business to a subsidiary of Italian energy company Eni SpA for about $4.76 billion.

The deal with Eni Petroleum Co. includes about 967 billion cubic feet equivalent of natural gas and oil reserves in the Gulf of Mexico, about 15 percent to 18 percent of Dominion's total proved reserves. Average daily production in 2006 was about 503 million cubic feet, Dominion said.

The sale is part of the Richmond energy company's previously announced plan to refocus on its electric generation and energy distribution, transmission, storage and retail operations. Proceeds of the deal will be used to reduce debt, buy back shares and to acquire other energy assets, the company said in a statement.

Shares of Eni rose 0.4 percent to 24.44 euros ($33.34) in Milan trading. Dominion shares fell 35 cents to close at $91.20 on the New York Stock Exchange.

PROFIT BY TYSON FOODS BEATS EXPECTATIONS

LITTLE ROCK, Ark. — Tyson Foods Inc., the world's largest meat company, said Monday it swung to a profit of $68 million in the latest quarter.

Tyson had lost $127 million, 37 cents per share, in the same period a year ago. Its profit of 19 cents per share beat expectations of analysts surveyed by Thomson Financial, who projected a profit of 11 cents per share on revenue of $6.4 billion.

Tyson had sales of $6.5 billion for January-March fiscal second quarter, compared with $6.3 billion a year before.

The company also revised its earnings guidance for the fiscal year, saying it expects a profit of 65 cents to 90 cents per share. Tyson's previous profit estimate was for a profit of 50 cents to 80 cents per share.

Tyson President and Chief Executive Officer Dick Bond said the company is improving on all fronts.

Concerns over mad cow disease led Japan, South Korea and other countries to stop imports of U.S. beef. Japan is again buying U.S. cattle, but only those 20 months or younger.

HILTON RENOVATIONS HURT PROFIT MARGINS

LOS ANGELES — Hilton Hotels Corp. reported a 9 percent decline in first-quarter profit Monday, due to the cost of renovations at a New York property. The hotel operator also lowered its full-year earnings and revenue outlook.

Earnings dipped to $95 million, or 23 cents per share, from $104 million, or 26 cents per share, during the same period a year ago.

Excluding nonrecurring items in both periods and assuming the Hilton International acquisition took place on Jan. 1, 2006, earnings per share were 20 cents, up from 15 cents in the previous year.

Analysts surveyed by Thomson Financial were looking for a profit of 18 cents per share.

Shares of Hilton fell $1.32, or 3.7 percent, to close at $34 on the New York Stock Exchange.