Acquisition Plan Gets Conditional Approval

Federal and state authorities agreed to allow USA Waste Services Inc. to go forward with its proposed $13.5-billion acquisition of Waste Management Inc., provided it sells some assets. Under the settlement, USA Waste agreed to sell waste collection and disposal operations in 13 states, covering 21 metropolitan areas, the Justice Department said. “The divestiture ensures consumers will continue to have the benefits of competition,” said Joel Klein, the department’s antitrust chief. Operations in Los Angeles are among those to be divested. The proposed settlement is subject to court approval by the U.S. District Court for the Northern District of Ohio after a 60-day public comment period. USA Waste, based in Houston, and Waste Management, of Oak Brook, Ill., are two of the nation’s largest waste collection and disposal companies. USA Waste shares rose $2.31 to close at $57.75 and Waste Management shares added $1.81 to $41.69. Both trade on the New York Stock Exchange.