Word: mergers
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Sources have said for the last 12 months that the goal of negotiations would be a "full merger" between the two schools, in which Radcliffe would drop its "college" designation and become instead an institute under the auspices of Harvard...
Italy is hardly the only place where this is happening. The consolidation wave in banking began on Jan. 15 when Spain's Banco de Santander announced an $11.3 billion merger with crosstown rival Banco Central Hispano. This was followed by the $18 billion bid by Societe Generale, one of France's largest retail banks, with Paribas, the country's leading investment bank. During a sleepy Italian weekend in March, Unicredito, based in Milan, launched a $16 billion bid to buy northern rival Banca Commerciale Italiana, perhaps Italy's most prestigious banking brand. Only a few hours later, San Paulo...
Size is so important that the prospect of creating a "champion of the European banking sector" prompted Banque Nationale de Paris to attempt to outmaneuver its rivals with a dramatic $37.6 billion offer to buy both Societe Generale and Paribas once their intended merger was announced, further jolting the French markets. If the BNP takeover ever goes through, it will create a bank with nearly $1 trillion in assets--Europe's largest--and give it an edge over the top U.S. bank, Citigroup, which currently has assets of $668.6 billion...
...chairman Michel Pebereau, who is regarded as a maverick in the clubby world of French banking, hailed his plan as "the best possible for the French banking system," but Societe Generale and Paribas rejected the offer as unfriendly. Fighting to save their original merger, the two takeover targets promised an additional $280 million in savings to their shareholders, bringing the total to $1 billion, closer to Pebereau's pledge of $1.4 billion in "synergies" at the new bank...
...legacy is more troublesome. He regarded competition as wasteful and chaotic, which in his day it often was. To bring stability and order to the economy--and to fulfill what he regarded as his moral responsibility to safeguard clients' investments--he organized monster trusts. Notably, he midwifed the 1901 merger that created U.S. Steel, the world's first billion-dollar corporation. Such behemoths have spurred economic growth and technological advance. But can they get so big and powerful that the government is justified in breaking them up? If so, when? And how can that be done without losing the economic...