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Article: First Union, SunTrust Return to North Carolina Court in Battle Over Wachovia.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- July 17, 2001
CopyrightCOPYRIGHT 2001 Knight-Ridder/Tribune Business News. 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)
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By Jane Seccombe, Winston-Salem Journal, N.C. Knight Ridder/Tribune Business News
Jul. 17--The banks involved in the fight over Wachovia Corp. return to the North Carolina Business Court today to argue the validity of the "breakup fee" agreed by Wachovia and its preferred suitor, First Union Corp.
Analysts expect Judge Ben Tennille to give a speedy decision in the case, with possible major implications for shareholders.
In their "merger of equals" agreement, Wachovia and First Union provide for a "breakup fee" of up to $780 million that would kick in if either party walked away from their deal. SunTrust Banks Inc., which is pursuing an ...