December 11, 1997 |
UnionBanCal Corp., which owns the third-largest bank in California, could fetch as much as $8.3 billion if its Japanese owner, Bank of Tokyo-Mitsubishi Ltd., puts it up for sale, investment bankers and analysts said. That's equal to $150 a share, or about 21 times estimated 1998 earnings and more than triple book value. Though high by historical standards, that's in line with recent bank acquisitions in the United States. This month, for example, National City Corp.
December 5, 1997 |
Wells Fargo & Co., the second-largest California bank, would consider a buyout as a wave of mergers in the industry pushes stocks to record highs, the bank's top executive said. Chairman and Chief Executive Paul Hazen said in an interview that the high prices banks are commanding in buyouts makes a sale something Wells Fargo has to consider. Its stock rose $15.81 to close at $332.06 on the NYSE after it surged as much as 10.7% in trading of 1.