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Reuters
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Oct 29, 08 2:49 PM CDT
(Newser) -
Delta’s $2.6 billion offer to buy Northwest Airlines has passed the scrutiny of federal antitrust regulators. Ensuing labor issues aside, official say the merger—which creates the world’s most patronized airline—would not "substantially lessen competition" and will benefit customers, Reuters reports.
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Wall Street Journal
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Oct 27, 08 7:16 PM CDT
(Newser) -
Federal aid may be on the way to facilitate a GM-Chrysler merger, the Wall Street Journal reports. The Department of Energy aims to loan General Motors $5 billion so the merged company can afford layoffs, plant closings, and other integration costs. It could also help GM drum up more investment cash; it needs about $10 billion to make the merger work.
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Forbes
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Oct 22, 08 9:29 AM CDT
(Newser) -
Wall Street bonuses could top $23 billion this year despite the woes of the global economy, Forbes reports. Indeed, that figure is down some 30% from last year’s $33.2 billion, but a smaller pool of employees, competition among companies to keep top performers, and the effects of mergers will help ensure many of the Street’s stars still walk away with millions.
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Bloomberg
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Oct 22, 08 8:40 AM CDT
(Newser) -
Wachovia reported losses of $23.9 billion in the third quarter, a whopping hit of $11.18 per share that blew by analysts’ estimates of a 2-cent-per-share loss, reports Bloomberg. But Wachovia’s loss—virtually all tied to mortgages or mortgage-related securities—may be Wells Fargo’s gain.
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New York Times
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Oct 21, 08 9:23 AM CDT
(Newser) -
Treasury's $250 billion cash infusion into financial institutions is meant to increase liquidity and get banks to start lending to each other again, but it might have another effect: accelerating mergers. The New York Times reports that the government's unprecedented recapitalization is also meant to give bigger banks the wherewithal to gobble up smaller, more troubled ones. "Treasury doesn’t want to prop up weak banks," one source said. “One purpose of this plan is to drive consolidation.”
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Wall Street Journal
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Oct 17, 08 8:58 AM CDT
(Newser) -
Talks of a General Motors-Chrysler merger are on the fast-track, the Wall Street Journal reports, with lenders pushing for a deal to be completed as soon as the end of the month. Amid a historically dismal month for US auto sales, GM is scrambling to shore up a bleeding balance sheet while banks see an opportunity to reduce exposure in the auto industry.
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New York Times
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Oct 12, 08 6:19 PM CDT
(Newser) -
Morgan Stanley scrambled today to keep an investment from a major Japanese bank as Wall Street held its breath, the New York Times reports. Japan’s Mitsubishi UFJ Financial Group agreed last month to invest $9 billion, but wants better terms after Morgan's market value plunged last week. The talks are so market-vital that Japan and the Treasury are both involved.
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Detroit Free Press
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Oct 11, 08 1:31 PM CDT
(Newser) -
GM and Chrysler are indeed seriously discussing a merger, sources tell Tom Walsh of the Detroit Free Press , which just proves “how desperately some people want to exit the automobile business.” Both companies are already too big—put them together and they’d be “way, way, way” too big, leading to a mass of layoffs and plant closings “too horrible to contemplate.”
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New York Times
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Oct 10, 08 9:55 PM CDT
(Newser) -
GM and Chrysler are quietly seeking a merger deal that would create the world's largest car maker and reshape the auto industry. Talks between GM and Cerebrus Capital Management, which owns Chrysler, have a 50% chance of succeeding, sources tell the New York Times . Other sources say the deal has stalled, but both sides are hungry to merge and would act quickly if markets stabilize, the Wall Street Journal reports.
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Associated Press
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Oct 10, 08 3:02 PM CDT
(AP) -
Federal antitrust regulators cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp. today, capping a weeklong battle for the Charlotte, NC-based bank. The rapid approval comes a day after Citigroup walked away from its acquisition effort. Citigroup plans to seek $60 billion in damages for breach of contract but has decided not to challenge the Wells Fargo-Wachovia deal in court, the AP reports.
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Wall Street Journal
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Oct 9, 08 5:23 PM CDT
(Newser) -
Citigroup said today it's going to let Wells Fargo go ahead with its acquisition of Wachovia, the Wall Street Journal reports. But all's not chummy in the banking world: Citigroup, which charges that Wachovia illegally backed out of a deal to accept a sweeter offer from Wells Fargo, is still going to sue for billions in damages.
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San Francisco Chronicle
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Oct 7, 08 2:47 AM CDT
(Newser) -
Citigroup and Wells Fargo have agreed to back off from their legal tug-of-war over Wachovia until tomorrow, reports the San Francisco Chronicle . The Fed-brokered agreement comes after days of furious legal wrangling and a $60 billion lawsuit filed by Citigroup against both Wells and Wachovia yesterday. Insiders say Citigroup and Wells may reach a deal to carve up the struggling bank.
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