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MERGERS & ACQUISITIONS
Garbage Hauler Makes Rival Offer
Waste Management made an unsolicited offer to buy disposal company Republic Services for $6.19 billion in cash, aiming to block its biggest rivals from teaming up against the nation's largest garbage hauler. The deal represented a counter offer to Republic's planned acquisition of Allied Waste Industries announced in late June. The stock deal between No. 2 Republic Services and No. 3 Allied Waste Industries was worth $6.07 billion at the time.
Republic said its board of directors will review the $34 per share offer from Waste Management and respond "in due course." The offer represents a 22 percent premium to Republic Services' Friday closing stock price of $27.90.
AUTOMOTIVE
GM to Discuss Market Conditions
General Motors, battling a 16 percent decline in U.S. sales this year, said chief executive Rick Wagoner will hold a news conference today to discuss plans to adjust to "current market conditions."
The automaker didn't provide further details in a statement. The news conference will be held at 9 a.m., GM said.
GM has announced job cuts, plant closings and a shift in production to smaller cars and crossovers earlier this year as rising gas prices and a declining housing market erode consumer confidence. GM's U.S. sales decline through June exceeded the industry's 10 percent fall. Sales of pickups, sport-utility vehicles and minivans are down 21 percent.
Julie Gibson, a spokeswoman for GM, declined to comment beyond the statement.
AIRLINES
Midwest to Cut 1,200 Jobs
Midwest Airlines said it will reduce its workforce by 1,200 people as it grounds its 12 MD-80s. The cuts represent about 40 percent of current staffing at Midwest and its Skyway subsidiary. Besides the MD-80s -- which it is flying until this fall -- Midwest also flies 25 Boeing 717s.
The company said it would begin notifying affected employees yesterday, with most jobs ended by mid-September. The job cuts will include unionized pilots and flight attendants, said Michael Brophy, a spokesman for Midwest Air Group.
Brophy also said Midwest is continuing talks with unions for pilots and flight attendants to reach deals on concessions to reduce the airline's costs.
