New ChevronTexaco joins 'supermajors'

Article Abstract:

Chevron and Texaco have announced their merger which is aimed at creating the fourth-largest oil group in the world. The $35 billion merger is a welcome news to investors who sent Texaco shares up 7% to $59 while Chevron fell 3% to $82. The deal is still subject to severe political and regulatory hurdles. Analysts believe that the two firms could be forced to sell thousands of gas stations in overlapping markets and to give up Texaco's stakes in two US refining and marketing alliances with Shell.

Petroleum and Coal Products Manufacturing, Petroleum, ChevronTexaco Corp., Texaco Inc.

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Wachovia picks First Union over SunTrust

Article Abstract:

Wachovia Corp's board on May 22, 2001 voted in favor of an agreed $13.3- billion bid from First Union Bancorp after rejecting SunTrust Banks Inc's $13.9-billion hostile takeover offer. In defending the First Union deal, Wachovia CEO Bud Baker said the agreement offered the best long-term value. First Union also promised to pay Wachovia shareholders the equivalent of the $0.60-quarterly dividend payment they currently receive, which SunTrust also pledged to do.

Commercial Banking, Asset sales & divestitures, Commercial Banks, SunTrust Banks Inc., Wachovia Corp., First Union Bancorp.

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Goldman employees reap bountiful stake

Article Abstract:

Goldman Sachs employees struck a windfall after the investment bank launched the second-biggest initial public offering in US corporate history. Each of the bank's 13,000 employees earned an average equity stake in the company of $539,651, based on the 33% increase in share price on Goldman's first day of trading. Overall, the IPO led to a market valuation of $33.4 billion for Goldman Sachs, which thus became the number three securities firm in the US.

Investment Banking and Securities Dealing, Investment Banking, Investment banks, Goldman Sachs and Co.

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