Business Services Industry
Analysts Discuss Possible Battle to Acquire Wachovia Corp.
Knight Ridder/Tribune Business News, May, 2001
By Barry Flynn, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
May 19--When SunTrust Banks Inc. launched a hostile takeover attempt on Wachovia Corp. last week, it set the stage for a long, ugly fight that could be costly for everyone -- including the eventual winner, who may end up feeling more like a loser.
A long period of uncertainty about its future may hurt Wachovia, making it, in effect, a less valuable prize. Meanwhile, a purchase price driven up by a bidding war would simply make Wachovia more expensive for the eventual buyer.
One Florida banking analyst even reckons that SunTrust executives may be sowing the seeds of their own demise by implicitly blessing just the kind of unwelcome assault that might one day cost...
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