Word: salomons
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...steep price Allianz is paying for Dresdner, a 40% premium over the bank's recent share price, but the consensus was that the deal will probably go through. "I think for Dresdner it's a fair price and a graceful exit," says John Leonard, a banking analyst at Salomon Smith Barney in London. The merged company has decided to finesse the problem of what to do with the profitable Dresdner Kleinwort Wasserstein investment bank. DKW will be floated on the stock market in about three years as an independent entity, but with Allianz keeping a majority of the shares...
...more Europeans have joined in the equity game, they haven't proven any less fickle than their American counterparts. Michael Saunders, chief European economist at Salomon Smith Barney, says the most recent money flow statistics for mutual funds suggest that Europe's retail investors are scaling back their investments and may even be pulling out. Why? "Retail investors have tended to be momentum investors," says Saunders. Equity funds did not do very well last year, and investors who have seen losses on their year-end statements are just retreating in disgust. In other words, they're fighting last year...
...late papers and hangovers at interviews--I say, bring them on! Most Harvard students could stand to foul up a paper or two or nurse a migraine during that all-important, life-or-death, this-is-my-future-we're-talking-about-here face-off with the guy from Salomon Smith Barney. It might give them a little perspective...
Besides, today "most LBO funds won't engage in hostile activity," says Greg Polle, who co-heads the mergers-and-acquisitions department at Salomon Smith Barney. "They spend more time trying to have good relations with boards so they will be viewed as a warm and friendly place...
...vulnerable major competitors would include No. 3 Delta, whose 18% share of the market would suddenly make it seem like a second-tier competitor to United and American. "Delta would be severely wounded if it just sat back and did nothing," says Brian Harris, who follows airlines for the Salomon Smith Barney investment firm. That could prompt Delta to make a play for No. 4 Northwest or No. 5 Continental. Either deal would give the top three carriers control of nearly 85 out of every 100 U.S. airline seats...