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InBusiness: Trash talking
(Tulsa World (OK) (KRT) Via Acquire Media NewsEdge) Jul. 19--In a stinging letter Friday, waste hauler Republic Services Inc. rejected a $6.19 billion unsolicited takeover offer from larger rival Waste Management Inc., announced earlier this week.
Fort Lauderdale, Fla.-based Republic instead wants to stick with a June 23 agreement to buy Phoenix-based Allied Waste Industries Inc. for about $6.07 billion.
"Republic is not for sale," CEO James O'Connor wrote to David Steiner, CEO of Waste Management, adding, "We believe that your proposal is opportunistic (only) for you."
In a reply, Houston-based Waste Management called its bid the "superior proposal."
Williams sells assets
Exxon Mobil Corp. will pay Williams Cos. Inc. about $71 million for an interest in part of the Piceance Basin reserves that Williams acquired in May.
Williams' total reserves in the Piceance Basin could be up to 5.8 trillion cubic feet equivalent of natural gas, according to reports. The Tulsa-based company paid $285 million for its stake in the area.
Irving, Texas-based ExxonMobil will buy about 7,000 of the 24,000 net acres that Williams acquired in May.
The Piceance Basin is a geological formation
in northwestern Colorado that contains reserves of natural gas, coal and oil shale.
Oil down again
Another slide in oil Friday capped crude's biggest one-week drop in more than three years.
Is it time to declare the energy bubble over? Some analysts say the July 11 high above $147 a barrel may be the last record the market sees -- for now.
"If this is not the bubble's implosion, then it's a reasonable facsimile," analyst and trader Stephen Schork said in his daily market commentary.
Light, sweet crude for August delivery fell 41 cents to settle at $128.88 a barrel on the New York Mercantile Exchange.
A barrel of oil is now more than 10 percent cheaper than it was at the start of the week.
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Copyright (c) 2008, Tulsa World, Okla.
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