WASHINGTON, Aug. 4 /PRNewswire-USNewswire/ -- The International Brotherhood of Teamsters sent letters today to significant institutional investors in the three largest U.S. solid waste companies -- Waste Management, Inc. , Allied Waste Industries Inc. , and Republic Services Inc. -- to seek assurances that processes are in place to ensure that fiduciary obligations are met as the firms face competing financial interests.
A proposed stock transaction by Republic Services Inc. to merge with Allied Waste Industries Inc. and a cash offer by Waste Management, Inc. to purchase Republic Services Inc. raise questions as to how diversified investors with significant stakes in each of the companies will manage potential conflicts of interest and meet their fiduciary duty to act in the interests of their clients, which include many Teamster-affiliated pension and benefit funds.
The Teamsters represents more than 32,000 employees throughout the private sector solid waste industry, including 18,700 at Waste Management, Inc., Allied Waste Industries Inc., and Republic Services Inc.
Founded in 1903, the International Brotherhood of Teamsters represents more than 1.4 million hard-working men and women in the United States, Canada and Puerto Rico.
