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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: mattie who wrote (20207)	3/15/1999 8:48:00 AM
From: Clint E.	Read Replies (2) \| Respond to of 70473

>>>>Bought some BKB. Breakout in progress! Another good move. This is just like your EAGL a few months ago. Clint ======= Monday March 15 6:44 AM ET Fleet Group To Acquire BankBoston By NOELLE KNOX AP Business Writer NEW YORK (AP) - Fleet Financial Group Inc. (NYSE:FLT - news) plans to acquire BankBoston Corp. (NYSE:BKB - news) for $16 billion in stock in a deal that will create the nation's eighth-largest bank and the dominant lender in New England. The deal, announced Sunday, will strengthen Fleet's international and investment banking business and give BankBoston the muscle it needs to compete against bigger financial institutions. However, faced with overlapping branches and administrative operations, the combined banks may have to cut as many as 5,000 jobs from their total work force of 59,000, executives said Sunday. The new bank, to be named Fleet Boston Corp., will initially be headed by Fleet chief executive officer Terrence Murray. After two years, Murray, 59, will be succeeded as CEO by current BankBoston chief executive Charles K. ''Chad'' Gifford, 56. The deal must be approved by shareholders and regulators. Eugene McQuade, chief financial officer for Fleet, said the two banks have had preliminary discussions with regulators and estimate the combined bank will have to divest about $13 billion of their $180 billion in assets. Under the terms of the agreement, BankBoston shareholders will receive 1.1844 shares of Fleet for each BankBoston share they own. The transaction values BankBoston shares at $53.00, a 13 percent premium over Friday's closing stock price of $46.933/4. Shares of Fleet closed Friday at $44.75, also on the NYSE. Fleet is the nation's ninth-largest bank with assets of $104 billion. BankBoston is the 15th-largest bank with assets of $74 billion.