Briefs: Enterprise Rent-A-Car to Buy Alamo, National
Enterprise Rent-A-Car announced Friday it agreed to buy Vanguard Car Rental Group Inc., which operates the Alamo and National chains. Both companies are privately held, and Enterprise did not release financial details of the acquisition. The deal must be approved by antitrust regulators in the United States and Canada before it goes through. Enterprise is the largest U.S. rental car company, with 7,000 locations worldwide and a fleet of 800,000 vehicles. Tulsa, Okla.-based Vanguard has 3,800 locations and 300,000 vehicles worldwide, according to Enterprise.
Westinghouse stake talks
Toshiba Corp., Japan's biggest supplier of nuclear power reactors by capacity, confirmed Friday it is in talks to sell Sumitomo Corp. a stake in its nuclear-plant construction unit Westinghouse Electric Co. Sumitomo agreed to pay $254.2 million for a 5 percent stake in the nuclear unit by June, the Nikkei newspaper reported, without saying where it got the information. Sumitomo, based in Tokyo, will sell uranium and plant equipment to clients of Monroeville-based Westinghouse, as part of the agreement, the Nikkei said. Toshiba's search for investors comes as reactor shut-downs and related cover- ups in Japan have raised concern the nation's atomic power plants may be unsafe.
Esmark on short list
Arcelor Mittal, the world's largest steel company, chose a short list of potential buyers for a Baltimore steel mill, which is being shed to comply with an antitrust ruling to divest the facility. "A narrowed list of bidders has been invited to proceed with the analysis and diligence" of the Sparrows Point plant, Adam Warrington, a Mittal spokesman in Chicago, said in an e-mail. He didn't provide other details. Esmark Inc, a closely held steel distributor, was selected, President Craig Bouchard said. "A dozen" potential buyers, including private equity firms and non-U.S. steelmakers, had shown interest in the Sparrows Point plant, which can produce 3.5 million tons a year, Luxembourg-based Mittal said in February.
Consol CEO gets $10.2M
Consol Energy Inc. Chief Executive Officer J. Brett Harvey received a pay package worth $10.2 million for 2006, according to a securities filing Friday. Harvey received a salary of $956,192 last year, up from $826,346 in 2005. Stock awards totaled a little over $3 million, while incentive compensation totaled $1.45 million. Elections of 10 directors and auditors are among items of business on the agenda for Consol's annual shareholders meeting on May 1 at the Hyatt Regency Pittsburgh International Airport.
State exports up 18%
Pennsylvania exports grew by 18 percent to $26.3 billion in 2006, the U.S. Commercial Service reported. The increase brought the state's total growth in exports from 2002-2006 to 67 percent. During that period, the state substantially increased exports to a number of major markets, including Japan, 42 percent; Canada, 60 percent; Mexico, 62 percent; China, 198 percent; and Belgium, 214 percent. Machinery, chemicals, computers and electronic products and transportation equipment ranked among the state's leading exports.
Duquesne deal in PUC hands
The state Public Utility Commission may or may not review an administrative law judge's recent initial decision approving a planned acquisition of Duquesne Light Holdings Inc. Judge Robert P. Meehan's decision dated March 20 was based on an earlier settlement putting conditions on the proposed $3 billion acquisition of the Downtown-based electric utility by the Macquarie Consortium of investors. Following seven days for replies to be filed, the five- member regulatory commission will have 15 days to decide whether to review the case and take action. …