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BRIEFLY / MERGERS & ACQUISITIONS

Bankers Trust Board Is Expected to OK Deal

November 28, 1998|Reuters

Bankers Trust Corp.'s board of directors is expected to stamp its approval this weekend on a $9.5-billion cash acquisition by Germany's Deutsche Bank that would form the world's largest banking company. The board, which is in advanced stages of negotiations for Germany's largest bank to buy New York-based Bankers for $93 a share, will meet Sunday in New York to vote on the transaction, for which members have already voiced support. Bankers Chairman Frank Newman will then fly to Germany, where Deutsche's board is meeting to approve a transaction that would be the biggest takeover of a U.S. banking company by a foreign firm. The banks are scheduled to hold a news conference Monday in Frankfurt. Regulators and Bankers Trust shareholders must still approve any deal. Bankers shares rose 81 cents to close at $85.56 on the NYSE.

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