SunTrust goes after Wachovia

Article Abstract:

SunTrust has embarked ona $13.5-billion unsolicited bid for Wachovia. Atlanta, GA-based SunTrust is offering to pay 1.081 shares for every Wachovia share, which values the transaction at $64.86 a share at the end of trading on May 14, 2001. The acquisition of Wachovia would rank SunTrust as eighth in the US, with $180 billion in assets and a southeastern franchise running from Maryland to Florida that could take on First Union and Bank of America. Wachovia's board of directors is planning to meet to review the SunTrust proposal.

Depository Credit Intermediation, Banking Institutions, Wachovia

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American, Icahn battle in court for TWA

Article Abstract:

American Airlines and TWA Acquisition Corp, the group financed by former TWA owner Carl Icahn, will battle for Trans World Airlines before the US Bankruptcy Court. American raised its bid on Mar 7, 2001, to $742 million, from $500 million. TWA Acquisition raised its bid by adding $480 million in financing over its earlier bid, giving it more than $1.1 billion in commitments over several years. Judge Peter Walsh will begin hearing arguments on Mar 9, 2001, that could last through the weekend.

Scheduled Passenger Air Transportation, Scheduled Air Passenger Svc, American Airlines Inc., Trans World Airlines Inc.

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Citigroup buys No.1 finance firm

Article Abstract:

Associates First Capital Corp of Dallas, TX, the biggest consumer-finance company in the US, has been acquired by Citigroup for $31.1 billion in stocks. The deal, announced on Sep 6, 2000, will create a consumer-lending behemoth with extensive operations in Europe and Japan, 2,750 branches in the US and over $100 billion in managed assets. Citigroup CEO Sandy Weill expects the deal to be finalized within three months.

Other Financial Vehicles, Financial Services NEC, Financial services, Associates First Capital Corp.

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