|
|
Article: Hongkong Bank and Midland return to bargaining table. (HSBC Holdings PLC)
- Article from:
- American Banker
- Article date:
- March 18, 1992
- Author:
CopyrightCOPYRIGHT 1992 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
LONDON - Midland Bank PLC and HSBC Holdings PLC disclosed Tuesday that they have resumed negotiating a merger that would create an international banking colossus with $254 billion of assets.
HSBC, the British holding company for the Hongkong and Shanghai Banking Corp., said talks were proceeding on a recommended bid "at a significant premium" over Midland's Tuesday opening stock price of $4.42 a share.
The companies had broken off merger talks in 1990. But a possible combination - which would have global consequences extending to both companies' U.S. subsidiaries - remained the subject of persistent rumors.
Midland's price soared on the news ...