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Republic New York Corp. plans to dismantle its less-profitable trading units to focus on private banking and other niche businesses. The New York-based banking company will fire 384 employees and shift another 127 to Computer Sciences Corp., which is taking over some data and communications functions for the bank. About 50 more jobs will be cut through attrition, Republic said.
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UGI Corp., the largest U.S. propane seller, said it will buy Unisource Worldwide Inc., the largest U.S. distributor of paper and janitorial supplies, for $79 million in stock, or about $11.50 a share. UGI expects to issue $815 million in stock and assume $710 million in debt as part of the deal.
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