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Business Highlights

Icahn's offer of $15 per share represents a 31 percent premium over the scrap metal processor's closing stock price on Friday.

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Anadarko sees more gas from huge Mozambique field

NEW YORK (AP) â¿¿ Anadarko Petroleum Corp. said Monday that a natural gas field discovered off the coast of Mozambique is the largest the company has ever found.

The Houston oil and gas company said the East African offshore field contains 15 trillion to 30 trillion cubic feet of recoverable natural gas, up from an initial estimate of 6 trillion cubic feet. That's enough to satisfy U.S. natural gas demand for a year.

Africa's eastern coast has long been considered a peripheral player among world natural gas producers. But the Anadarko discovery, along with a similarly large find by Italian energy company Eni SpA in October, has elevated Mozambique as a potentially major gas exporter.

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KKR to buy Capital Safety for $1.12 billion

NEW YORK (AP) â¿¿ Investment firm Kohlberg Kravis Roberts & Co. LP said Monday that it agreed to buy Capital Safety for $1.12 billion. Capital Safety makes body harnesses, lifelines, hoists and other equipment to protect people from falls at industrial and residential sites.

KKR is acquiring the company from private equity firm Arle Capital Partners.

KKR said it sees attractive prospects in the fall protection business because of its ties to the energy and infrastructure industries, with potential for growth as more safety regulations are implemented worldwide.

On its website, Capital Safety lists 11 facilities in the U.S., Canada, Europe, Asia and Australia. Its products are used in the oil and gas, construction, transportation and utilities sectors.

The deal is expected to close in January, subject to regulatory approval.

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By The Associated Press(equals)

The Dow Jones industrial average soared 291.23 points, or 2.6 percent, to 11,523.01. The S&P 500 rose 33, or 2.9 percent, to 1,192.55. The Nasdaq composite rose 85, or 3.5 percent, to 2,527.34.

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