Nonprofit asks feds to stop WM-Oakleaf deal
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Aug. 9 — A Madison, Wis.-based nonprofit organization is asking the Justice Department “to review and unwind” Waste Management Inc.´s $ 425 million purchase of Oakleaf Global Holdings, the nation´s largest waste broker.
The Center for a Competitive Waste Industry also asked that the Justice Department seek a temporary restraining order to seal Oakleaf´s confidential market data from Waste Management.
Peter Anderson, the center´s executive director, said the transaction “appears to have required pre-notification” through the federal Hart-Scott-Rodino Antitrust Improvements Act (HSR), covering mergers and acquisitions.
But Waste Management says differently.
“It is about whether the deal meets the HSR premerger notification process,” company spokeswoman Lynn Brown said. “This deal did not trigger the prefiling requirements; therefore, we were able to close the transaction immediately.
“The rules are very complex. We can´t disclose the structure of the deal due to confidentiality agreements. However, the DOJ is aware of this closed transaction.”
The center said that the “the waste industry is already too concentrated for free markets to flourish,” and it´s on a “mission to encourage competition in the waste industry.”
Anderson said in a letter to the Justice Department that “competition in the market for waste services by multi-location large national commercial customers will be significantly lessened by this acquisition for a considerable number of years.”
Contact Waste & Recycling News senior reporter Jim Johnson at [email protected] or 937-964-1289.
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