Which Banks in Europe Can Be Bought?
While most analysts do not foresee a wave of bank takeovers and mergers across borders in Europe, the full acquisition route is beginning to look more attractive. Increasingly, merchant banks will want to link up with retail branch networks, securities houses with deposit-takers, and the small with the large. The most severe restrictions on major banking acquisitions across Europe as a whole will probably be the BIS’ capital-adequacy requirements, which could promote consolidations. Assuming that capital is not a problem, UK houses are the most open to bids. This is largely because they are, on paper, the cheapest to buy in what is overwhelmingly a seller’s market. UK retail bank earnings are high, and stock prices are low. Nowhere is the subject of bank takeovers more politicized in Europe than in France, where the only possible takeover target among the major French banks is Credit Commercial de France (CCF). CCF not only has 62 branches, but a strong corporate finance business. Deutsche Bank has made overtures to CCF in the past and would be the prime candidate as purchaser should French government policy change.
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Crabbe, Matthew
Full text: [Euromoney] Aug 1989
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Money, Credit, and Security Markets: Common Stock Prices and Yields
Statistics from 1981 through Aug 26, 1989.
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Anonymous
Full text: [Economic Indicators] Aug 1989
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The New IBM
During the period from 1985 to 1987, IBM’s stock prices repeatedly reached all-time high levels, despite the many underlying weaknesses in the firm’s fundamentals. After the greatest restructuring in IBM’s history, the stock market is trading the stock within 3 points of the lowest price of 1989. Over the next 5 years, IBM should show an 11% growth in compound annual revenue, a 12% rise in gross margin per year, and a 14% increase in yearly earnings. IBM has undergone a cultural revolution. There is no more arrogance, no more disparity in architectures, and no more optimism at any cost. The 3 major cultural changes at IBM involve teamwork, continuity, and globalization. Not only is decision making faster and more informal, but, early in the process, consideration is given to what is best for the customer. IBM has been, and still may be, a US firm, but it is trying to become more international, both at the product design and at the executive-marketing level.
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Djurdjevic, Bob
Full text: [Computer Data] Aug 1989
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Investment Update
If Congress follows through in its proposed requirement that thrifts liquidate their junk bond holdings, the price of those investments will fall. Citicorp’s credit card debt bond offering is hardly a bargain.
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Frailey, Fred W
Goldwasser, Joan
Full text: [Changing Times] Aug 1989
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NCNB Strikes Gold in Texas
Since summer 1988, when its deal to acquire Texas’ largest bank was announced, the price of NCNB’s stock has doubled. Total dollar earnings in Texas can increase at an annual rate of 15% or more over the next 5 years, supporting growth of at least 13% for normalized parent company earnings per share. A definite speculative element is attached to NCNB’s shares; however, the long-term Texas outlook involves enough positive factors to tilt the balance decisively in favor of NCNB. One compelling reason for concentrating on Texas, beyond NCNB’s existing opportunity, is the possibility of even greater market penetration. It appears almost inevitable that the company, by bidding on attractive but ailing Texas banks or thrift institutions, can end up with a meaningful percentage of the tens of billions of dollars in Texas deposits now available. NCNB Texas has been attracting many deposits because of its recognized position as a strong bank in a state with more than its share of weak ones.
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Stillinger, Richard I.
Full text: [Bankers Monthly] Aug 1989
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A Decade Of Dividend Reinvestment
Dividend reinvestment plans were introduced in Australia in the early 1980s. These plans were devised by firms wishing to attract further equity investment from their present shareholders. The role of dividend reinvestment plans in raising equity capital is one of their major advantages. Under dividend reinvestment plans, the recipient of shares does not pay stamp duty, a brokerage fee, or any other costs relating to the transaction. A study was conducted to assess whether dividend reinvestment plans have been successful in raising equity capital and conserving cash. Data were derived from companies’ annual reports during the period 1982-1987. The study concluded that companies that want to both retain profits for reinvestment and satisfy those shareholders who require dividend income can expect to achieve these seemingly conflicting goals by using dividend reinvestment plans.
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Wills, Ann
Full text: [Australian Accountant] Aug 1989
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On The Stock And Debt Approach To Valuation Of Utility Prop
For the vast majority of ad valorem tax valuations, the values of the stock and debt claims are unknown and must be estimated. However, even if the values of the stock and debt claims are known, the use of these values to estimate the value of the taxable assets may lead to significant errors. Substantial evidence suggests that the prices of paper claims may not be an accurate or unbiased estimate of the taxable value of the underlying assets. The difficulties involved in using the stock and debt approach when the stock price is not known, which is almost always the case, are considerably greater than when the stock price is known. Substantial guesswork and uncertainty are involved. Although one might use stock market data as a reference, when there is a great deal of uncertainty involved, one should both use multiple approaches to valuation and insist that the fundamental approach of discounted cash flow be used.
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Heaton, Hal B.
Full text: [Public Utilities Fortnightly] Aug 3, 1989
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On the Stock and Debt Approach to Valuation of Utility Property
For the vast majority of ad valorem tax valuations, the values of the stock and debt claims are unknown and must be estimated. However, even if the values of the stock and debt claims are known, the use of these values to estimate the value of the taxable assets may lead to significant errors. Substantial evidence suggests that the prices of paper claims may not be an accurate or unbiased estimate of the taxable value of the underlying assets. The difficulties involved in using the stock and debt approach when the stock price is not known, which is almost always the case, are considerably greater than when the stock price is known. Substantial guesswork and uncertainty are involved. Although one might use stock market data as a reference, when there is a great deal of uncertainty involved, one should both use multiple approaches to valuation and insist that the fundamental approach of discounted cash flow be used.
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Heaton, Hal B.
Full text: [Public Utilities Fortnightly] Aug 3, 1989
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Convertable Bonds: The Best Of Both Worlds
Since utility stocks are interest-sensitive, turning points in interest rates and equity prices tend to coincide. Because convertible bonds are a hybrid security (debt for a period of time and then common equity), it is important to understand when conversion will likely take place. A utility company contemplating issuing convertible debt should be aware of the effect that changes in market conditions will have on the timing of the conversion. In general, utility dividend yields tend to follow changes in interest rates. Usually, a convertible bond becomes equity when yields are falling and becomes low-cost debt when yields are rising. A convertible can be the best of both worlds for an investor. If interest rates fall, the convertible should behave like the stock and participate in the upside potential. If interest rates rise, the convertible should behave more like a bond by falling in price but providing more downside protection than the stock.
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Whitfield, Heidi
Mosbacher, Merry L.
Burkhardt, Daniel A.
Full text: [Public Utilities Fortnightly] Aug 3, 1989
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Convertible Bonds: The Best of Both Worlds
Since utility stocks are interest-sensitive, turning points in interest rates and equity prices tend to coincide. Because convertible bonds are a hybrid security (debt for a period of time and then common equity), it is important to understand when conversion will likely take place. A utility company contemplating issuing convertible debt should be aware of the effect that changes in market conditions will have on the timing of the conversion. In general, utility dividend yields tend to follow changes in interest rates. Usually, a convertible bond becomes equity when yields are falling and becomes low-cost debt when yields are rising. A convertible can be the best of both worlds for an investor. If interest rates fall, the convertible should behave like the stock and participate in the upside potential. If interest rates rise, the convertible should behave more like a bond by falling in price but providing more downside protection than the stock.
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Whitfield, Heidi
Mosbacher, Merry L.
Burkhardt, Daniel A.
Full text: [Public Utilities Fortnightly] Aug 3, 1989
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Big Bank Has Big Trouble With Dissatisfied Shareholders
CITYTRUST, ONE OF Connecticut’s top five commercial lenders, is also one of its most beleaguered and battered. Although in the upper echelon of Connecticut-based lenders, the Bridgeport-based bank also ranks high in terms of losses. Compounding that problem is a lawsuit filed against the bank by stockholders annoyed with its management and a controversy over allegedly shoddy underwriting on loan it wrote with the backing of the U.S. Small Business Administration (SBA). On June 15 Citytrust announced that it was taking a special provision of $40 million to boost its loan loss reserves because of problems linked to its commercial real estate portfolio. The bank, with about $2.6 billion in assets, said non-performing loans for the second quarter of the year are as much as $130 million. Because of that, the bank expects to end the year with a loss. (excerpt)
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Valvo, Vincent M.
Full text: [Across the Board] Aug 04, 1989
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United Savings Investors Score in Buy Agreement
Salt Lake City-based First Security Corp.’s surprise agreement to buy United Savings Bank is dynamite for owners of the Salem-based bank’s stock. The purchase, announced early last week, is sending a few shockwaves north to Hillsboro as well. First Security’s proposed purchase of United Savings Bank for approximately $34.8 million means a $21-a-share payday for holders of United Savings Bank stock. That’s quite a premium considering the bank’s stock has been climbing gradually from $8.50 to $16.50 a share in the last year. (excerpt)
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Manning, Jeff
Full text: [The Business Journal] Aug 07, 1989
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SEC Investigates Pancretec Director for Insider Trading
The Securities and Exchange Commission is investigating a Pancretec Inc. director for suspected insider trading regarding the company’s recent merger with Abbott Laboratories. The investigation of Richard W. Dutrisac, a member of Pancretec’s board since 1983, was disclosed in the July 1989 proxy statement released 10 days ago to shareholders attending a special meeting to vote on Abbott’s acquisition of the company. The acquistion, announced last March, became effective July 28. Dutrisac is president and chief executive officer of PFE Inc. of Newport Beach, a medical export company he founded in 1979. Before that he had worked for 18 years for Baxter Travenol Laboratories in various management positions. (excerpt)
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Hardie, Mary
Full text: [San Diego Business Journal] Aug 07, 1989
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Local Public Companies Enjoy Increased Revenues
Of the 25 largest public companies in San Diego, 20 experienced an increase in revenues in their latest fiscal years. The public companies on this year’s list ranged from a wholesaler of womens’ sportswear to defense contractors, but each industry points to the overall health of the economy here. The companies on this year’s list were ranked by fiscal 1988 revenues. The Price Co. ranked No. 1, with total revenues for fiscal 1988 of $4.1 billion, compared to $3.3 billion for fiscal 1987, a 25 percent increase. (excerpt)
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Prete, Laura L.
Full text: [San Diego Business Journal] Aug 07, 1989
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Celerex Leads the Charge in Boosting Credit Cards
This is the year that could bring the marriage of two great American consumer habits — fast food and plastic money. Several companies, among them a young Seattle firm, Celerex Corp., have recently introduced systems meant to overcome the problems that lead most fast-food outlets to accept only cash. The same technologies are being tested in grocery stores, movie theaters, parking garages and other businesses where the average sale is small but the number of transactions is large. Last week came the first hint of a payoff for Celerex. The company announced its first revenues from equipment sales, pulling in $419,556 for the period ended June 30 compared to $408 for the year-ago quarter. Still, the company still lost $490,366 for the quarter, bringing its cumulative loss since 1986 to $5.58 million. (excerpt)
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Grunbaum, Rami
Full text: [Puget Sound Business Journal] Aug 07, 1989
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Storage Tek Puts New Plan On Hold
A decline in high-technology stock prices has forced Storage Technology Corp. to postpone plans for an innovative $330-million 3-tiered refinancing package that was designed to wipe away debt and restrictive covenants incurred when it emerged from Chapter 11 in mid-1987. The refinancing was to include 2 public offerings and a real estate financing. It was designed to broaden the computer information storage and retrieval company’s equity base and to double institutional ownership of the company’s stock. When the refinancing plan was withdrawn, the company incurred a $1.6-million expense for legal fees, printing fees, and other costs incurred for the proposed offering. By refinancing, Storage Technology would have avoided increasing interest and sinking fund payments that were scheduled to start in 1991 under the indenture. Postponing the refinancing will not cause an immediate burden for the company. If stock prices of technology companies recover, the refinancing might be reinstated.
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Star, Marlene Givant
Full text: [Pensions & Investment Age] Aug 7, 1989
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Election Results Fuel Tokyo Market
Following the July 23, 1989, elections in the upper house of Japan’s Diet and the resignation announcement of Prime Minister Sousuke Uno, the Tokyo stock market suddenly surged higher. Analysts suggested the movement was due to widespread relief by investors, especially in Japan, that the election was over. However, many international money managers still are not wildly impressed. Despite the market’s sudden ebullience, which is reported to be linked to heavy buying by cash-rich Japanese institutions, some investment managers are concerned about the effects of the next election, coming probably in the early part of 1990, in the more powerful lower house of parliament. Analysts note that Japan’s political problems this year were a major depressant on the country’s stock market. There are some analysts and investors who perceive opportunity now in the Tokyo market.
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Price, Margaret
Full text: [Pensions & Investment Age] Aug 7, 1989
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Concorde to Sell Secondary Stock Offering
A little over a year since Concorde Career Colleges Inc. was spun off into a separate company, a secondary stock offering soon will complete one of the final obligations of that spin-off. Kansas City-based Concorde operates a chain of career training schools, concentrating on the allied health and computer industries, and operates a review program for the certified public accountant exam. On June 30, 1988, the company was spun off from CenCor Inc. The company recently has filed documents with the Securities and Exchange Commission for a secondary offering of 500,000 shares of common stock. Of the shares in the offering, 435,000 will be sold on the stock market and 65,000 will go to B.C. Christopher Securities Inc. as compensation for underwriting the offering. (excerpt)
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Kaberline, Brian
Full text: [Kansas City Business Journal] Aug 07, 1989
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Drug Firm Mergers Are Painful for Pfizer
Pfizer Inc. may have to swallow some distasteful medicine or else find itself swallowed up. For years, Wall Street has urged the pharmaceutical giant to bolster its stock price by selling off its low-margin non-health-care businesses and buying back shares. And for years Pfizer’s conservative management has resisted, instead accumulating a huge cash hoard and watching its stock flounder. Now Pfizer’s reckoning may be near. Late last month Bristol-Myers Co. and Squibb Corp. said they would join forces in the latest of a series of drug industry consolidations. The merged company, which will boast an 8,000-person sales force and a $600 million research budget, will be well situated for global expansion and renew pressure on other companies to find friendly mergers or risk being gulped up. (excerpt)
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Agovino, Theresa
Full text: [Crain's New York Business] Aug 07, 1989
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Amerada Finding Favor as Analysts Push Oils
In 1987 analysts said that Amerada Hess Co. and other oil companies had become inept at finding oil in the United States. Analysts speculated companies would try to bolster reserves by acquiring other companies that had found oil. Yet Amerada Hess, an oil refiner, has defied expectations by making an intensive effort to find new oil — an effort which has paid off in big production gains. Amerada’s European production, for instance, increased 50% last year. Moreover, the company recently announced deals to buy reserves in the North Sea and in the Gulf of Mexico from other companies. (excerpt)
nationwide foreign exchange
Boroff, Philip
Full text: [Crain's New York Business] Aug 07, 1989
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