Republic Industries to Sell Rest of Stake

Auto retailer Republic Industries Inc. plans a public sale of its remaining stake in trash hauler Republic Services Inc. after failing to get government approval for a tax-free shareholder distribution. Republic Industries expects to sell 112 million common shares of Republic Services, the fourth-largest U.S. trash hauler, in the second quarter. The company did not distribute the stake to shareholders as initially planned because it couldn’t obtain a favorable ruling from the Internal Revenue Service. Republic Services raised $1.32 billion in a July initial stock sale as the parent firm moved to focus on its AutoNation USA, National Car Rental and Alamo Rent-A-Car businesses. Republic Industries, led by billionaire Chairman Wayne Huizenga, bought more than 100 waste-management companies beginning in 1995. Shares of Fort Lauderdale, Fla.-based Republic Industries rose $1.31 to close at $13.94, while Republic Services fell 25 cents to $16.69. Both trade on the NYSE.