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Merger Monday roundup
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November 23, 1998: 2:11 p.m. ET
Deals, deals, rumors and more deals galvanize Wall Street's festive mood
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NEW YORK (CNNfn) - A tidal wave of billion-dollar deals greeted Wall Street on Monday as investors were confronted with shake-ups from both sides of the Atlantic and portents of more to come.
Internet browser software maker Netscape Communications (NSCP) confirmed Monday that it's in talks to be acquired by America Online (AOL), the leading online service in the United States, in a stock swap worth $4 billion.
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Deutsche Bank (FDBK) and Bankers Trust (BT) confirmed Monday they are close to announcing a takeover by the German group at a price of $93 for each BT share.
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Industrial acquisitions dynamo Tyco International Ltd. (TYC) said Monday it intends to buy AMP Inc. (AMP) for at least $11.3 billion, fending off a protracted hostile takeover attempt of AMP by AlliedSignal Inc. (ALD).
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Shares of Entergy Corp. (ETR) inched up one day after the U.S. energy company announced it will sell electric distribution firm CitiPower to AEP Resources Inc. (AEP) for $1.1 billion (A$1.7 billion).
Fleet Financial Group (FLT), the nation's sixth-largest commercial lender, agreed Monday to buy Sanwa Business Credit, the U.S. commercial finance operations of Japan's Sanwa Bank.
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Unum Corp. (UNM) and Provident Cos Inc. (PVT) said Monday they plan to merge to form UnumProvident, which would be one of the nation's largest disability insurers with a market capitalization of about $11 billion.
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Amerin Corp. (AMRN) said Monday it will team with CMAC Investment Corp. (CMT) to create the nation's second-largest mortgage insurance company.
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Aerospace parts maker B.F. Goodrich (GR) agreed Monday to merge with rival Coltec Industries Inc. (COT) in a $2.2 billion deal that will create an industry powerhouse.
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Shares in German steel and engineering group Thyssen (FTHY) got a lift Monday when it announced a $1.1 billion deal to buy Dover Corp.'s (DOV) elevator business.
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Acquisition-hungry energy giant AES Corp. (AES) has agreed to buy the utility company CILCORP Inc. (CER) for $885 million, the companies said Monday.
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British engineering groups Siebe (SEBE) and BTR (BTR) announced plans Monday to merge, creating a new company with a combined market value of some 7.6 billion pounds ($12.63 billion).
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Among smaller Monday deals, Circon Corp.'s (CCON) stock enjoyed a healthy morning following news that the Santa Barbara-based medical products maker would be acquired by Maxxim Medical Inc. (MAM).
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British Energy (BGY) and state-owned Electricité de France have lined up as the two main contenders for U.K. regional electricity supplier London Electricity as bids closed Monday.
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Guardian Royal Exchange (GRD), one of Britain's biggest insurers, put itself in play Monday, valuing itself at about 3 billion pounds ($5 billion).
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Home-improvement retailer Lowe's Cos. Inc. (LOW) said Sunday it will buy Eagle Hardware & Garden Inc. (EAGL) in a stock deal worth about $1 billion.
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Gas and oil exploration company Union Pacific Resources Group Inc. (UPR) said Sunday it would sell its domestic natural gas operations to Duke Energy Corp. (DUK) for $1.35 billion.
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