Hidden dangers : taking the uncertainty out of mergers & acquisitions

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      <subfield code="a">Hidden dangers</subfield>
      <subfield code="b">: taking the uncertainty out of mergers & acquisitions</subfield>
      <subfield code="c">by John Conley</subfield>
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      <subfield code="a">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"</subfield>
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