Word: mergers
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...vision of global expansion that executives saw when Time Inc. acquired Warner Communications in 1989. Since then, the company has sought joint ventures with other major firms, both for strategic reasons and to gain a cash infusion. But the $11 billion in debt that Time Warner assumed in the merger left the company in a weakened position to negotiate such deals. With qualms about the stock offer now laid to rest and the debt due to shrink 25%, the grand alliances may finally be within reach...
Among bankers these days, big is beautiful. In the largest combination of two U.S. banks ever, Chemical Banking last week agreed to acquire New York City rival Manufacturers Hanover in a $2.3 billion stock swap. The merger of the two huge but weak Goliaths, both burdened by hefty portfolios of ailing loans, will create a megabank with assets of $137 billion, second in size among U.S. banks only to New York's Citicorp. Moreover, the deal is likely to prompt a new wave of mergers across the country as other big banks struggle to remain competitive...
...merger will inflict sharp pain on employees and the troubled New York economy. Chemical and Manufacturers said they would eliminate $650 million a year in costs through a series of deep cutbacks. The banks plan to pare 6,200 jobs, or nearly 15% of their combined work force, and shut 70 of their 436 branches in the New York City area. Manufacturers Hanover, which financed construction of the Brooklyn Bridge, will see its name vanish into corporate history. Nonetheless, Manufacturers chairman John McGillicuddy, 60, will head the merged company until 1994, when Chemical chief Walter Shipley, 55, will succeed...
...biggest impact of the merger could come from the pressure it exerts ( on other large banks. Just one day after the New York behemoths unveiled their agreement, C&S/Sovran, a regional firm based in Atlanta and Norfolk, Va., said it would press ahead in merger talks with North Carolina's NCNB to create the third largest U.S. banking company. In California experts said merger candidates include San Francisco's Wells Fargo and the ailing First Interstate and Security Pacific banks in Los Angeles. Any pairing among those would create a formidable new West Coast giant...
...came to this assignment three years ago from Moscow, and Dan, who joined the bureau on the eve of economic merger after 2 1/2 years as a writer in New York City, then produced the coverage for a six-page progress report on German unification in this week's World section...