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Jan. 7--Taking another step toward building a new corporate giant, Wayne Huizenga's Republic Industries on Monday announced the purchase of National Car Rental and the creation of the second-largest auto rental fleet in the country.
Republic will issue $600 million in stock for National and absorb $1.7 billion worth of debt.
The deal extends a Republic spending spree now exceeding $2 billion in the past 43 days -- most of it accomplished with stock. The Fort Lauderdale- based company paid $625 million for Alamo Rent A Car, $800 million for two waste-collection companies in Kentucky and New Jersey, and $130 million for Ed Mullinax Inc. and another new-car dealership in Arizona. …