WELLS FARGO OPEN TO BUYOUT; CHAIRMAN, CEO SAYS MEGABUCK MERGERS HAVE BANK EXAMINING ITS OPTIONS.Byline: Sam (1) (Security Accounts Manager) The part of Windows NT that manages the database of usernames, passwords and permissions. A SAM resides in each server as well as in each domain controller. See PDC and trust relationship. Zuckerman Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. News Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. & Co., the second-largest California bank, would consider a buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. as a wave of mergers in the industry pushes stocks to record highs, the bank's top executive said. Chairman and Chief Executive Paul Hazen said in an interview that the high prices banks are commanding in buyouts make a sale something Wells Fargo has to consider. Its stock rose 15 13/16, or 5 percent, to 332 1/16 after it surged as much as 10.7 percent in trading of 1.78 million shares, more than four times the daily average of the past three months. ``At these kinds of multiples, these kinds of prices, if somebody came to you with a story that would cause the currency of the combined company to appreciate, then I'm open to it,'' Hazen said. Banks are buying each other at a record pace as they seek to cut costs and boost profits. First Union Corp. agreed to purchase CoreStates Financial Corp. for more than $16.1 billion last month, a record price for a U.S. bank. The price was 5.39 times CoreStates' book value, essentially its assets minus its liabilities. NationsBank Corp. said in August it would pay $13.8 billion for Barnett Banks Barnett Bank, founded in 1877, eventually became the largest commercial bank in Florida. It was purchased by NationsBank in 1997, but even before signs on Barnett's branches were changed, NationsBank merged with BankAmerica Corp., creating Bank of America. Inc., equaling 3.99 times book value and 25.2 times earnings. National City Corp. earlier this month agreed to buy First of America Bank Corp. for $7.1 billion, equaling 3.84 times book value and 22.8 times earnings. Wells now trades at about 2.25 times book value and more than 31 times earnings. ``It could happen,'' said James Schmidt, a portfolio manager at John Hancock Funds, which owned about 362,000 Wells Fargo shares at the end of September, about a purchase of Wells. Hazen didn't say his bank is in acquisition talks, and a bank spokeswoman declined to comment. Hazen was interviewed at the Bank Administration Institute retail conference in New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded . ``It's my belief that no discussions are currently going on,'' said Donaldson, Lufkin & Jenrette Securities Corp. analyst Thomas Brown There have been several notable individuals named Thomas Brown, including:
|
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion