Salomon succumbs at last: Sanford Weill of Travelers has built an empire buying companies on the cheap. (Salomon Inc. purchased by Travelers Group)
Economist (US), The, September, 1997
Travelers Group bought Salomon Inc. for more than $9 billion, and one of the results will be the creation of the Salomon Smith Barney investment bank. Both Salomon Bros and Smith Barney gain much from the merger, but Weill will have to work hard to make the entire operation work smoothly.
Sanford Weill of Travelers has built an empire buying companies on the cheap. But Warren Buffett has driven a hard bargain
SO THE rumour-mongers got it right-third time around. Late last week Wall Street was abuzz with chatter that Travelers Group, a big financial-services conglomerate, was planning to swoop on Bankers Trust. This sent Bankers' shares skywards. Then came more far-fetched whispers that it was to be J.P. Morgan at the altar. It was neither. On September 24th,...
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