Business Services Industry
First Union to Buy Wachovia in $13 Billion Stock Swap.
Knight Ridder/Tribune Business News, April, 2001
By Barry Flynn, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
Apr. 17--Wachovia Corp. and SunTrust Banks Inc. were once considered a perfect match for a merger:
Two gilt-edged Southeastern banking powers with similar corporate cultures, they could have extended each other's reach substantially, yet still had plenty of overlap to provide opportunities for quick savings.
But now, unless SunTrust wants to start a bidding war with First Union Corp. -- not impossible -- that golden opportunity has vanished. First Union announced plans Monday to buy Wachovia in an approximately $13 billion stock swap that the companies hope will be completed by September.
In an odd twist, First Union would adopt the name of its much...
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