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Market Update : 
ServiceMaster to be Acquired for $5.5 B
Author: Elena Todorova
123jump.com
Last Update: 10:09 AM EDT March 19 2007

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U.S. stocks rallied at opening Monday, boosted by gains in overseas markets and several merger deals totalling about $10 billion. Hercules Offshore dropped nearly 10% after it said it agreed to buy Todco for $2.3 billion in cash and stock. Quanta Services gained 2.5%, following an agreement to acquire InfraSource Services for $1.26 billion in stock. ServiceMaster surged over 12% after it announced thatit will be bought by an investment group for $5.5 billion, including $1.02 billion in debt.

 
Currencies

The U.S. dollar was mixed against other major currencies in European trading Monday morning. The euro traded at $1.3287, down from $1.3310 late Friday in New York. The British pound traded at $1.9428, up from $1.9421. The dollar bought 117.35 Japanese yen, up from 116.74.
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