Chase Manhattan Corp

Chase Manhattan Corp., the No. 2 U.S. bank, won approval from the Federal Reserve Board to buy rival J.P. Morgan & Co., a $28.6-billion acquisition that would unite two of the oldest U.S. banks. The New York state banking board, which has yet to approve the merger, is scheduled to meet Thursday. A shareholder meeting for both companies has been set to approve the merger on Dec. 22. Chase offered 3.7 of its shares for each of J.P. Morgan's, valuing the fifth-largest U.S. bank at $157.

Chase Takes Defensive Posture: Chase Manhattan Corp. said it will take steps to increase its protections against a possible proxy fight with large shareholders. In a filing with the Securities and Exchange Commission, Chase amended its bylaws to eliminate the right of stockholders with more than 25% of the company's stock to call special meetings. Such a measure would make it difficult for a large stockholder to issue proposals to other shareholders without management's consent.

Chase Manhattan Corp. probably will post fourth-quarter earnings below forecasts as falling stock prices bite into the No. 2 U.S. bank's investments in start-up companies, analysts said. Chase's investments, valued at $10.5 billion at the end of September, could decline by as much as $300 million in value in its fourth quarter, according to Ruchi Madan, an analyst at Salomon Smith Barney Inc.

Heine Securities Buys 6.1% Stake in Chase Manhattan: The Short Hills, N.J.-based investment adviser said it paid $365 million for the 11.1 million shares of Chase Manhattan Corp. In a filing with the SEC, Heine Securities Corp. said it bought the stake on behalf of its advisory clients for investment purposes. Of the common shares purchased by Heine, 10.9 million were bought between Feb. 13 and Wednesday at prices ranging from $33.788 to $37.74 a share.

Chase Manhattan Corp. said Monday that its first-quarter earnings improved dramatically as it reaped the benefits of a cost-cutting plan, access to cheaper funds and improved revenues from its consumer banking operations. The positive results came despite nagging problem loans. Chase set aside $240 million for possible loan losses and charged off as bad debt $270 million in loans for the three months ended March 31.

NationsBank Corp., reporting earnings for the first time since it was formed by the merger of two large Southern banks, posted a 95% jump in earnings for the first quarter Monday. Chase Manhattan Corp., meanwhile, said its first-quarter profit rose 21% from the previous year, partly from higher one-time gains. NationsBank will become No. 4 and Chase No. 6 in the nation after the merger of BankAmerica Corp. and Security Pacific Corp. becomes final to create the No. 2 U.S. bank group.

Banking giant Chase Manhattan Corp. was in talks Tuesday to acquire rival J.P. Morgan & Co., in a deal that could be worth more than $30 billion, sources said. The merger, which could be announced as early as today, would unite two of the oldest U.S. banks, changing the landscape of the banking and investment-banking businesses in the United States and abroad. The boards of both companies met Tuesday to discuss the purchase, sources said. Morgan, the fifth-largest U.S.

Chase Manhattan Corp. will pay at least $22.2 million to settle consumer lawsuits alleging that credit card customers were charged extra interest and late fees even when monthly payments arrived on time. Chase Manhattan Bank, the country's No. 2 bank, will reimburse credit card holders for some charges and give them a grace period before charging late fees on payments as part of the settlement reached last month, said Britton D. Monts, a Dallas lawyer representing consumers.

Chase Manhattan Corp. made its bid for J.P. Morgan & Co. official on Wednesday, offering $35.6 billion in stock to unite two of the oldest U.S. banking firms. The deal, rumored since Monday, creates a financial powerhouse that expects to be a one-stop source of financial products and advice for businesses and wealthy individuals worldwide--going head-to-head with such rivals as Citigroup, Goldman Sachs and Merrill Lynch & Co. Each Morgan share will be exchanged for 3.

Forget about the button-down world of pin-striped suits and conservative ties: The recent spate of mergers among investment firms shows that Wall Street is caught up in a feeding frenzy that belies its staid self-image. Wednesday's announcement that Chase Manhattan Corp. is acquiring J.P. Morgan & Co. marks the fourth such blockbuster deal in two months--with more expected.

Banking giant Chase Manhattan Corp. was in talks Tuesday to acquire rival J.P. Morgan & Co., in a deal that could be worth more than $30 billion, sources said. The merger, which could be announced as early as today, would unite two of the oldest U.S. banks, changing the landscape of the banking and investment-banking businesses in the United States and abroad. The boards of both companies met Tuesday to discuss the purchase, sources said. Morgan, the fifth-largest U.S.

Chase Manhattan Corp. will help raise $423 million to finance part of Walt Disney Co.'s $2.9-billion theme park in Hong Kong, a Disney spokesman said. Chase's financing will go toward construction of the park, which is scheduled to open in 2005. The Hong Kong government, which owns 57% of the park, is paying for the bulk of the project. Burbank-based Disney owns the rest. Hong Kong is investing $2.2 billion in the park and surrounding infrastructure.

Chase Manhattan Corp. said it's paying $7.6 billion in cash and stock for Robert Fleming Holdings Ltd., a British investment bank and asset management group, in a bid to help it become a bigger player in global investment banking. Chase, the third-largest U.S. bank with about $406 billion in assets, has agreed to pay $4.1 billion in cash and $3.5 billion in common stock for Robert Fleming, one of Britain's last independent financial companies. The deal requires regulatory approval.

Chase Manhattan Corp., the nation's third-largest banking company, said Monday that its third-quarter profit jumped 61% from a year ago. The increase was at the upper end of the double-digit gains reported for the third quarter by several other large banking companies. Banking companies have generally benefited from lower interest rates, which have reduced what it costs to obtain lendable funds. They have not trimmed their own lending rates as rapidly.

Chase Manhattan Mortgage Corp. originated more than $200 million in mortgage loans in Ventura County last year, more than any other lender, according to a research company. The report by Experian, formerly known as TRW-Redi, said that Chase had a 5.9% market share in 1996. The company has two mortgage offices in Ventura County--at 1732 Palma Drive in Ventura and a new branch at 250 N. Westlake Blvd. in Westlake Village. Chase Manhattan Mortgage Corp., headquartered in Edison, N.J.

Chase Manhattan is close to announcing that it is acquiring British investment bank Robert Fleming for about $7.9 billion, sources told Reuters. A deal could be announced Tuesday.

Chase Manhattan Corp., the third-largest bank in the United States, reportedly is close to announcing that it has made a $1.6-billion offer for Dresdner Kleinwort Benson, the London-based subsidiary of Germany's Dresdner Bank. The Independent newspaper in London, which quoted unidentified "insiders" at Dresdner Kleinwort Benson, said the deal could be announced this week.