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Non-Tech : NORWEST Banks..... -- Ignore unavailable to you. Want to Upgrade?

To: John Lee who wrote (10)	6/9/1998 1:08:00 PM
From: David C. Burns	Read Replies (1) \| Respond to 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.

To: John Lee who wrote (10)	8/13/1998 2:43:00 PM
From: David C. Burns	Respond to of 33

Significant Factors in my view: 1) Merger with Wells,Fargo expands franchise 2) Kovacevich in charge of combination 3) NOB Record earnings latest quarter 4) Recent dividend increase 5) 10MM share stock repurchase underway 6) 10% annual growth on NOB side, 7% on WFC side 7) very favorable interest rate environment and trend - headed for the lowest rates in a couple decades. 8) fundamental value of stock around $48.00 pre-merger 9) baby boomer savings rate on the increase 10) WFC 2Q98 earnings increase year over year Somebody else will have to say what the negatives are, if they can think of any.