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Non-Tech : NORWEST Banks.....
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To: John Lee who wrote (10)6/9/1998 1:08:00 PM
From: David C. Burns  Read Replies (1) of 33
 
<<The street apparently sees this as the fast growing NOB acquiring and eventually managing the slower growing WFC.>>

I was also surprised at the market response until I studied the announcement and I agree that is how this is being interpreted -- like Banc One taking on First Chicago and exiting the Columbus financial backwaters to HQ in Second City. Also reminds me of the Society Corp / Key Corp merger a few years back.

I think the term "merger of equals" is mainly a tax statement, and face-saving for the "loser"

At $191B assets, still a possibility of a buyout in the next round. But it appears that the merger premiums are pretty much out of these large super-regional combinations and are relying on the expense savings as the leverage point.
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