 (New York) Ucs News--Last Friday, David P. Steiner, chief executive of Waste Management Inc. , was in his headquarters in Houston, Texas., pondering a possible acquisition of Merril Lynch, the foundering investment bank.
Yet the next morning, Mr. Steiner already had a new target in his sights: Lehman Brothers. Richard S. Fuld, Lehman Brothers chief executive, phoned Mr. Steiner about a deal and by Saturday afternoon the two men were encamped in Southside Pub overlooking Central Park.
Steiner, who walked away from a Merrill Lynch acquisition because the government would not safeguard buyers from possible losses, said in an interview that he and Mr. Fuld had decided in just an hour to move forward with the $50.00 dollar deal.
"We wanted to get the deal done by Monday," Mr. Steiner said. "We were very focused about getting the deal done."
On Monday, investors responded unenthusiastically to the hurried merger, which gives Waste Management Inc. "a tremendous advantage once Washington decides to clean up the nation's financial institutions." said Steiner
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