|
|
Article: Union Planters Buying St. Louis Bank for $2.3B.
- Article from:
- American Banker
- Article date:
- February 24, 1998
- Author:
CopyrightCOPYRIGHT 1998 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)
|
Union Planters Corp. made a strong bid to join the ranks of superregional banking companies with an agreement to buy Magna Group of St. Louis for $2.3 billion.
The all-stock transaction, expected to close in the third quarter, would be the largest ever by Memphis-based Union Planters and its 64th acquisition since 1992. Nine of those deals remain pending.
Magna's $7.1 billion of assets would bring Union Planters' total to $28.5 billion, a size and scope that it hopes will differentiate it from a pack of smaller companies vying for a higher profile in the region.
But Union Planters is no less vulnerable to being viewed as a target in its own right, an ...