German bank deal set for Jan. 1 fails; talks to continue

Article Abstract:

Bankgesellschaft Berlin and Norddeutsche Landesbank's planned merger, which is slated to be effected on Jan. 1, 1999, was postponed, but the merger negotiations will be continued. The postponement of the planned merger was attributed to the decline in Bank Berlin's share price, which has dropped to DM26 per share from a peak of nearly DM50 per share. The original merger deal called for the payment of DM1.3 billion by Bank Berlin, but the investors of NordLB wanted to be paid DM2 billion for their shares. In June 1998, NordLB and Bank Berlin agreed to merge to form a new company to be called Berlin-Hannover AG.

Comment:

Its planned merger w/ Bankgesellschaft Berlin on 1/1/99 is postponed, but the merger talks will continue

Commercial Banks, Commercial Banking, Bankgesellschaft Berlin AG, Norddeutsche Landesbank Girozentrale

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Norsk, EVC sign petrochemical deal

Article Abstract:

Norsk Hydro ASA has agreed to merge its petrochemical operations with EVC International NV to establish a global group in the vinyl industry. Norway's Norsk Hydro, which will have a 45% stake in the merged entity, said the merged firm hopes to generate an annual savings of 300 million kroner ($38.6 million). The agreement calls for EVC to issue new ordinary shares for the agreed assets of Norsk Hydro's petrochemical unit. The combined entity with a production capacity of 1.8 million tons, will have a major market role in the European and world markets.

Comment:

Has agreed to merge its petrochemical operations with EVC International NV to establish a global group in the vinyl industry

Plastics Material and Resin Manufacturing, Norway, PVC Dispersion Resins, Norsk Hydro ASA, Polyvinyl chloride, EVC International NV

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EU regulators approve Swiss Re deal with Gerling

Article Abstract:

Swiss Reinsurance's planned merger of its NCM Group subsidiary with the Gerling Group has been approved by the European Union (EU). The EU gave its antitrust approval to the merger of the credit insurance unit with Gerling.

Direct Life Insurance Carriers, Life insurance, Credit Life Insurance, Planning, Mergers, acquisitions and divestments, Insurance industry, Life insurance industry, European Union, Powers and duties, Swiss Reinsurance Co., Gerling Credit Insurance Group, NCM Group

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