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Hidden dangers : taking the uncertainty out of mergers & acquisitions

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<title>Hidden dangers</title>
<subTitle>: taking the uncertainty out of mergers & acquisitions</subTitle>
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<namePart>Conley, John</namePart>
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<abstract>Columbia Energy Group had its heart set last year on acquiring Carlos Leffler Inc., a Pennsylvania heating oil company. There was a problem, however. Environmental liability can significantly alter the value of a potential merger or acquisition. Even if a company can discern what it believes is the extent of risk, that estimate can fal far short of actual or realized liability. Transferring the liabilities removes any uncertainty. Indeed, the deal-breaker in many M&A transactions often is environmental uncertainty. Columbia Energy faced just that possibility. "We had hired outside environmental consultants, who did both Phase One and Two studies of the target sites, and they made a conservative estimate of what it would cost to clean them up . The question was, who would pay for this"</abstract>
<note type="statement of responsibility">by John Conley</note>
<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080636692">
<topic>Seguro de responsabilidad civil por daños al medio ambiente</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080584535">
<topic>Daños no reparados</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080609320">
<topic>Adquisición de empresas</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080594206">
<topic>Valoración de daños</topic>
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<title>Risk Management</title>
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<publisher>New York : RIMS</publisher>
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<part>
<text>April 2000 ; p.12-22</text>
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