Clean Harbor stock shares surge following its acquisition of Safety-Kleen
Clean Harbors Inc. shares were up $8.11, or 16.4 percent, at midday Wednesday, in the first day investors could react to the Norwell company’s acquisition of Safety-Kleen Inc.
Investors apparently liked the $1.25 billion cash deal announced by the environmental services company on Monday, sending the stock even higher earlier in the day. Stock markets have been closed for the past two days due to Hurricane Sandy.
Analysts said Safety-Kleen, of Plano, Texas, would secure for Clean Harbors the No. 1 spot in the oil recycling business, as well as a foothold in the business of hauling away hazardous waste for small businesses.Beth Healy can be reached at email@example.com.