|
FleetBoston, Liberty deal?
|
 |
May 30, 2001: 7:34 p.m. ET
FleetBoston reportedly negotiating for Liberty asset-management unit for $1B
|
NEW YORK (CNNfn) - FleetBoston Financial Corp. is talking to Liberty Financial Cos. about a possible deal for Liberty's asset-management unit worth $1 billion, published reports said Wednesday.
The Wall Street Journal interactive edition, citing people familiar with the matter, said a deal is not expected to be announced until next week and could still fall through. FleetBoston (FBF: Research, Estimates) reportedly wants to wants to bolster its money-management business.
Neither company could be reached for comment.
Liberty announced it was interested in a sale last November, and flirted with both Prudential PLC and American General Corp. (AGC: Research, Estimates) before those two companies decided to merge together.
The Prudential-American General deal was itself scuttled in April by AIG (AIG: Research, Estimates) , which won American General with an unsolicited bid.
Liberty (L: Research, Estimates) has about $50 billion under management with holdings such as Colonial Management Associates, Stein Roe & Farnham, Crabbe Huson and Liberty Wagner Asset Management, which runs the Acorn funds, the Journal said.
Shares of Liberty rose 7 cents to $33.26 Wednesday on the New York Stock Exchange, while FleetBoston dropped 4 cents to $41.91. 
|
|
|
|
|
 |
|
