Tucson-based Alamito Co. said it received a...

Tucson-based Alamito Co. said it received a $251-million cash offer from three senior officers of the company to take Alamito private in a leveraged buy-out . . . Citing improved results at Gap Stores and Banana Republic outlets, Gap Inc. Chairman Donald G. Fisher said third-quarter earnings will increase to about $1.40 per share from 51 cents in last year’s period . . . Unocal said it is shutting down a 5-year-old test project to extract steam from highly saline fluids in the North Brawley geothermal field in the Imperial Valley . . . Culver City-based Information International reported that it will incur a “substantial loss” for its second quarter ended Oct. 31 . . . The American Stock Exchange said it has received SEC approval to begin trading put and call options on its airline index Nov. 18 . . . Standard & Poor’s lowered the senior debt and preferred stock ratings of TRW Inc. to A- from A+. It also lowered TRW’s commercial paper rating to A2 from A1 . . . The American Iron and Steel Institute reported that steel production declined 2.6% to 1.583 million tons in the week ended Nov. 2.