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Business Highlights

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International Paper to buy Temple-Inland for $3.7 billion

MEMPHIS, Tenn. (AP) â¿¿ International Paper Co. is buying smaller rival Temple-Inland Inc. for $3.7 billion after sweetening its bid.

The transaction will give the combined company about 40 percent of the corrugated packaging materials market in North America. IP is the largest producer of corrugated packaging in North America, while Temple-Inland is the third-largest.

IP raised its bid to $32 per share for Temple-Inland, a 30 percent premium to its Friday closing price. This is higher than its previous bid of $30.60 per share in June, which its Austin, Texas, target had rejected as too low.

IP, which is based in Memphis, Tenn., will also assume $600 million in debt.

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Sunoco to sell refineries

NEW YORK (AP) â¿¿ Sunoco Inc. said Tuesday it's getting out of the refining business.

The Philadelphia company, which owns two refineries in Pennsylvania, announced plans to sell those refineries and focus on its pipelines and retail gas stations that provide a steadier cash flow.

Sunoco's refineries in Philadelphia and Marcus Hook, Pa., can process a combined 505,000 barrels of oil per day. If it cannot sell its refineries, the company will shut down its main processing units in July 2012.

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Shaw Group to sell its stake in Westinghouse

BATON ROUGE, La. (AP) â¿¿ Engineering and construction company The Shaw Group Inc. will sell its minority investment in nuclear power plant company Westinghouse Electric Co. LLC back to Toshiba Corp.

The sale will help Shaw shed some debt and strengthen its balance sheet. But it also means that there will no longer be any U.S. investors in Westinghouse, which is more than 100 years old and is based in Monroeville, Pa.

While Toshiba is taking a larger stake in Westinghouse, the Japanese company said it "remains open to the idea" of inviting in new investors if they share its long-term vision and business strategy for Westinghouse.

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