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Citicorp deal with Travelers gets opposition

Article Abstract:

The proposed merger between between Citicorp and Travelers Group met with opposition, which accused both companies of poor service in minority and low- to moderate-income communities, at a Federal Reserve Bank of New York hearing. The merger, which puts a $71 billion value on each company, would be the country's largest corporate union. The new company, to be known as Citigroup, would have assets of $700 billion, making it the largest US financial company. The Federal Reserve will review both companies' record according to the neighborhood responsibility requirements of the Community Reinvestment Act.

Comment:

Travelers proposed merger with Citicorp under scrunity from Federal Reserve Bank of New York

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Star Banc and Firstar agree to merge in deal valuing Firstar at $6.88 billion

Article Abstract:

Milwaukee-based Firstar Corp. has agreed to merge with Star Banc of Cincinnati in a stock swap which will value the larger Firstar entity at about $6.88 billion. The new Firstar will remain based out of Milwaukee. Firstar shareholders are set to receive 0.76 share in what was Star Banc, giving the exchange an indicated value of $48.36. The combined company will record a pre-tax charge of $325 to finance merger-related costs, and will have combined assets of $38 billion, making it about the 21st biggest bank in the US.

Comment:

Firstar agreed to merge w/Star Banc in a stock swap which will value Firstar at about $6.88 bil

Star Banc Corp., Firstar Bank Milwaukee N.A.

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Salomon's Dimon restates support of Citicorp merger

Article Abstract:

The co-CEO of Salomon Smith Barney, James Dimon, said that both Citicorp and Travelers Group Inc. still plan to proceed with their proposed merger despite the fact that it will probably not take place before October 1997 at the earliest. Both companies were hoping to complete the merger before the end of September 1998. However, the deal cannot be completed until 15 days after the winning the approval of the Federal Reserve.

Comment:

Co-CEO of Salomon Smith Barney, James Dimon, says Citicorp and Travelers Group Inc. plan to proceed with their proposed merger

Strategy & planning

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