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Waste Management Offers To Buy Republic For Six Billion Dollars

by Staff Writers
New York (AFP) July 14, 2008
Waste Management, the US waste services leader, said Monday it had offered to buy rival Republic Services for 6.19 billion dollars, a bid aimed at thwarting Republic's planned tie-up with Allied Waste.

Waste Management proposed to acquire all outstanding shares of Republic Services for 34 dollars per share, a premium of 22 percent on the share's closing price Friday.

The announcement of the unsolicited buyout offer drove Republic Services shares up 14.55 percent to 31.96 dollars around 1405 GMT in New York trade, while Waste Management was off 6.88 percent at 34.67 dollars.

Republic Services announced on June 23 the acquisition of Allied Waste Industries, the third-largest US waste management firm, in a cash swap valued at approximately 6.07 billion dollars.

Under the terms of that planned merger, Allied Waste shareholders would own 52 percent of the combined company.

"Our 34 dollars per share all-cash proposal clearly offers a better and more certain value alternative to Republic stockholders than the recently announced Republic-Allied Waste Industries, Inc. transaction," Waste Management chief executive David Steiner said in a statement.

Republic Services was not immediately available to comment on the counteroffer from Waste Management.

According to Houston, Texas-based Waste Management, the acquisition would boost earnings in the first year and provide synergies of at least 150 million dollars a year.

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Soot From Ships Worse Than Expected
Washington DC (SPX) Jul 14, 2008
Large cargo ships emit more than twice as much soot as previously estimated, and tugboats puff out more soot for the amount of fuel used than other commercial vessels, according to the first extensive study of commercial vessel emissions.







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