Word: mergers
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Deals like the one between Chase and Chemical have aggravated concerns about the impact of bank-merger mania on employees and customers. The new giant, which will take the better-known Chase Manhattan name even though Chemical is larger, will hold nearly $300 billion in assets and eclipse its New York City neighbor Citicorp as the largest U.S. banking company. Enthusiastic investors boosted the price of both Chase and Chemical stock more than 10% in a day, expecting the increased efficiency of the combined banks to send profits zooming. But to pare annual expenses by $1.5 billion within three years...
...still moving toward an agreement to buy Turner Broadcasting, but negotiators expect to take several days to resolve last-minute issues. It might be longer, reports business writer Barbara Rudolph, if cable mogul and key Turner board member John Malone doesn't like the way $8.5 billion media merger develops. "Malone's Telecommunications Inc. is a rival of Time Warner. Malone can either make this deal or prevent it from happening." If or when the deal gels, she adds, "it's not clear whether all those egos (Malone, Time Warner Chairman Gerald Levin and Ted Turner himself) can live together...
Eisner could use the help. "When Michael took over," says Richard Rainwater, an Eisner confidant who helped bring him to Disney, "it had a $2 billion public market valuation. Today, after the merger, it's a $30 billion to $40 billion business. And he's got a team that can take a company that size and have it grow at surprisingly high rates." And the two Michaels? "They have always liked each other, and they'll have an absolute ball together...
...acquire Capital Cities/ABC. Buffett, whose Berkshire Hathaway holding company is the largest stockholder of Capital Cities/ABC, brokered the buyout and saw the 20 million shares that Berkshire had acquired for $345 million a decade ago surge to a value of $2.3 billion as a result of the deal. The merger raised the value of the investment by $400 million overnight...
WARREN BUFFETT Mickey Mouse merger boosts his ABC stock $400 million...