Wells Fargo's no-invite play. (Wells Fargo Bank N.A.'s bid for First Interstate Bank of California)

Banker, The, November, 1995

Wells Fargo Bank N.A.'s hostile bid for First Interstate Bank of California drew a cool response from First Interstate CEO William Siart. Wells Fargo's offer, which is worth 2.7 times First Interstate's book value, could lead to the largest merger of US banks since Chemical Bank and Chase Manhattan consolidated. First Interstate currently has 1,100 branches in 13 western states.

Wells Fargo's unsolicited $10 billion offer for its Californian neighbour First Interstate, if successful, would be a breakthrough in the rash of mergers and takeovers in the fragmented banking industry of the US.

The bid has several unusual features. It would rival the Chemical Banking/Chase Manhattan get-together as the largest merger in US bank history. It would create a powerful rival...

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