Business Services Industry
Salomon under Travelers' umbrella. (Salomon Inc to be acquired by Travelers Group Inc)
Business Insurance, September, 1997 by Greenwald, Judy
NEW YORK -Travelers Group Inc.'s acquisition of investment bank Salomon Inc. may be shaking up Wall Street, but it is unlikely to have any immediate effect on Travelers' insurance operations. An eventual benefit to the insurance operations, however, could come from ties with Salomon's greater international presence, some analysts say.
Travelers Group and Salomon said last week they have agreed to combine Salomon with Travelers' Smith Barney Holdings Inc. subsidiary to form Salomon Smith Barney Holdings Inc. Terms of the transaction call for Travelers Group to issue 1.13 shares of its stock for each share of Salomon, for a total value of more than $9 billion. A spokesman for insurance subsidiary Travelers Property Casualty Corp. said the deal will not impact...
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