Word: mergers
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Dates: during 2000-2009
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Sorry, folks, false alarm. Or at least that seems to be the message after the rumor that United Airlines and Delta Air Lines were in merger talks was quashed with Delta CEO Richard Anderson's testimony before Congress on Thursday. Anderson said that he had not spoken with any high-ranking execs at United Airlines since September, when he returned to the airline industry upon taking the helm of the Atlanta-based carrier. The two airlines had already diffused rumors on Wednesday following afternoon spikes in their share prices...
...Delta, in fact, is clearly in favor of industry consolidation and has established a committee to review its options for a potential merger but says there are no discussions going on with any carrier at this time. But a source familiar with Delta who spoke on the condition of anonymity says that there has been ongoing talk at the company to work toward announcing a merger and submitting it for review to the Department of Justice before Christmas, because the company wants to take advantage of the current administration before potential changes in the DOJ and the Department of Transportation...
...this high-tech prowess is a matter of necessity. MeritaNordbanken controls about 40% of Finland's banking market, so a merger with another domestic bank to cut costs was out of the question on antitrust grounds. Merita therefore embarked on a two-pronged strategy: use mobile and Internet technology to cut overhead, and become Europe's most aggressive bank in expanding across borders. In April it completed a merger with Denmark's Unidanmark three years after Merita joined forces with Sweden's Nordbanken. The deals have made Merita the largest bank in Scandinavia. "We see ourselves as a pan-Nordic...
...trends toward consolidation and nationalization, in fact, helped drive the Norwegian merger. To a government or national oil company looking for overseas partners to help exploit domestic resources, seeing two Norwegian firms, both largely state owned, jostling for the same openings could be "confusing," says Mellbye. "They thought there would be some political preference given from the Norwegian authorities, and then on that basis they could make a choice," he says. "But that was never done." The two companies began negotiations late last year, and when in December they brought their merger proposal to the government, it was quickly approved...
Then came the merger with Citi. It was tumultuous--a power-sharing agreement between Weill and Citicorp's John Reed soon fell apart--but at first very profitable. Amid the corporate scandals of 2001 and 2002, though, Citi's investment-banking arm landed in more than its share of controversy and legal trouble. One last big suit, filed by Enron Creditors Recovery Corp., goes to trial in April...