Three-way merger to put Japanese banks back at the top

Article Abstract:

Industrial Bank of Japan, Fuji Bank and Dai-Ichi Kangyo Bank plan to merge, and this would create a bank with assets of over $1 trillion. Fuji and Dai-Ich are large banks which have been hit by Japan's bad debt problem. There are doubts as to benefits from the merger since Dai-Ich Kangyo was itself created from a merger of two banks that retained separate back-office systems for more than a decade. There is a plan to shed 6,000 jobs of a total of 35,000. The three banks reported losses for 1998.

Industrial Bank of Japan Ltd., Dai-Ichi Kangyo Bank Ltd. (Japan), Fuji Bank Ltd.

---

Wells Fargo bid ambushed

Article Abstract:

Wells Fargo has afiled to acquire First Interstate, which opposes the bid. First Bank System is acting as a white knight, despite having a smaller capitalization than First Interstate and Wells Fargo. First Bank and First Interstate have agreed to merge, though shareholders and the regulators still have to approve this move. There are fewer synergies in a potential merger between First Interstate and First Bank than there would be if Wells Fargo were to acquire First Interstate.

Wells Fargo Bank N.A.

---

All's well that ends...

Article Abstract:

Wells Fargo looks likely to acquire First Interstate, creating the second biggest banking group in the state of California. First Bank System (FBS) had attempted a counter-offer which appears not to have been successful. FBS was seen as a white knight and should receive a payment of $200 million pledged should the merger with First Interstate not materialize. Wells Fargo may challenge the legality of this payment, and plans redundancies.

Wells Fargo & Co., WFC

Similar abstracts:

• Abstracts: Celltech merger with Medeva brings size and a US foothold. Medeva back to the US drugs scene
• Abstracts: Surveyors march into new territory. Some rooms at the top. EU funds make the impossible possible
• Abstracts: Property is stronger than ever. Renovation brings its own rewards. Will too many parks spoil the broth?
• Abstracts: High price to pay for decent performance. The traumas of Pep transfers. Capital sleight
• Abstracts: Some further theoretical and empirical implications regarding the relationship between earnings, dividends and stock prices

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.