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Competition heats up for $15bn casino buyout

Wachovia Securities has reportedly won its first mandate advising Penn National Gaming, the US casino operator, on a competing bid for a rival facing a $15.5bn (€11.8bn) private equity buyout.

Penn National Gaming and hedge fund DE Shaw is considering a bid for Harrah's Entertainment with Lehman Brothers and Wachovia providing financing, said a CNBC report.

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