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NATION
Harrah's OKs offerof purchase for 16.7B
LAS VEGAS -- Harrah's Entertainment Inc., the world's largest casino company, has agreed to a 16.7 billion offer from two private equity groups, two people with knowledge of the negotiations said.
The agreement with Apollo Management Group and Texas Pacific Group came late last week but lawyers for both sides have been working out the details, said the sources, who spoke on condition of anonymity because of the sensitivity of the talks.
An official announcement on the deal could come as early as today, these people said Monday.
The deal values Harrah's at 90 per share and represents a 36 percent premium over Harrah's share price on Sept. 29, the last trading day before Apollo and Texas Pacific first proposed a buyout Oct. 2. The group also will assume 10.7 billion in debt.
Goodyear tire dealersconcerned over strike
CLEVELAND -- Strike-hampered Goodyear and the United Steelworkers went back to formal talks Monday for the second time during the 21/2-month job action, while some dealers expressed concern over possible tire shortages for the coming winter.
"Fortunately the weather has been quite unseasonably warm here, so the demand has not been as high, but when it's cold and snowy that's always one of our busiest times of the year," said Chris Huddle, owner of Huddle Tire Co. in Lancaster in southeast Ohio.
He said shortage concerns are mainly over tires for light trucks and sport utility vehicles.
A sampling of tire stores Monday revealed similar inventory concerns and some switching to brands other than Goodyear.
Huddle said Goodyear's inventory may be short for several months even if the strike ends soon.
Goodyear Tire & amp; Rubber Co., the world's third-largest tiremaker, and the Steelworkers agreed Friday to resume negotiations on a new labor deal.
The union represents 15,000 workers who went on strike Oct. 5.
Associated Press