Word: mergers
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Dates: during 1980-1989
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DIED. Robert McNeil), 75, who as chairman of Manufacturers Hanover Trust from 1963 to 1971 led the banking industry in a successful four-year fight for federal clarification of how antitrust laws affect bank mergers; in Orlando, Fla. McNeill worked his way up from a small-town bank teller to become a vice president of Hanover Bank in 1940, and went on to help engineer its merger with Manufacturers Trust...
...international bank branches and investment offices. American Express also has some less well-known holdings, including a 50% interest in a cable television subsidiary of Warner Communications and total control of giant Fireman's Fund Insurance (1980 sales: $3 billion). Shearson's main offerings to the merger were 11,000 employees in 270 U.S. and overseas branches, plus $8 billion in assets in popular money-market funds, which in recent months have lured a small army of savers away from banks and thrift institutions...
Last week's merger was only the latest in a long line of financial couplings for the wily Weill, who started on Wall Street as a messenger in 1956. He opened his own firm with three partners in 1960 and then began taking over older, but weaker, investment houses. In 1979 he acquired Loeb Rhoades, Hornblower & Co. in what was then Wall Street's largest merger...
...trip in the Far East last month, Weill read in the South China Morning Post about the Prudential-Bache deal and decided that the time had come for another partner. Investment Banker Salim B. ("Sandy") Lewis, managing partner of S.B. Lewis & Co., last summer had suggested to Weill a merger with American Express, but the Shearson chairman doubted that he could persuade his board of directors to accept any such agreement. Then Prudential showed the way. After returning from Asia, Weill called Robinson and opened serious discussions. Over Easter weekend, the two men conducted a traveling talkathon that moved from...
Once last week's merger receives the expected approval from Washington and goes into effect, American Express is likely to begin selling new money services quickly. Said Weill: "You can let your imagination run about what we're going to be doing." The amalgam's first offering is likely to be a cash management account based on Shearson's money-market funds and similar to one created by Merrill Lynch in 1977. Under that program, customers with at least $20,000 in securities or cash in an account can put that cash into money-market funds...