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BRIEFLY

February 23, 1988

Bank of New York Co. said the Justice Department does not object, on antitrust grounds, to its hostile takeover bid for Irving Bank Corp. In a letter to the Federal Reserve Board, the department said a merger of the two banking companies "would not have a significantly adverse effect on competition," Bank of New York said. The Federal Reserve, whose approval is needed for the merger, had solicited the department's view. Bank of New York launched its first takeover offer for Irving last fall.

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