Newspaper wrap-up: Merger that created Citigroup was a mistake, one of deal's architects says
Posted Apr 4th 2008 8:15AM by Laurie Pasternack
Filed under: Newspapers, Magazines, Microsoft (MSFT), Yahoo! (YHOO), Walgreen Co (WAG), Citigroup Inc. (C), CVS Corp (CVS)
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MAJOR PAPERS:
- Luqman Arnold, the former UBS AG (NYSE: UBS) president forced out in 2001, wants the firm to split its investment bank from the private client bank, and look at selling the investment bank and asset management business, according to the Wall Street Journal's "Heard on the Street".
- Microsoft Corporation's (NASDAQ: MSFT) bid to acquire Yahoo! Inc (NASDAQ: YHOO) has not gained any steam even though executives of the two companies met this week, the Wall Street Journal reported.
- The Financial Times reported that the landmark merger that created Citigroup Incorporated (NYSE: C) was a "mistake" that failed to benefit the financial services giant's investors, customers and employees, said John Reed, who masterminded the $166B deal with Sandy Weill in 1998. Reed, the former head of Citicorp, has advised Citigroup CEO Vikram Pandit at least to consider spin-offs, sources said.
WEB SITES:
- Walgreen Co (NYSE: WAG) is branching out by acquiring two companies that provide health-care services, BusinessWeek reported, following in its competitor CVS Caremark Corporation's (NYSE: CVS) shoes. Some investors are wary of Walgreen's move, but Mark Wiltamuth of Morgan Stanley sees it as a new growth avenue and as a push into services complementary to drugstores.
Tags: C, Citicorp, citigroup, citigroup inc. (c), CitigroupInc.(c), cvs, cvs caremark, cvscaremark, microsoft, MSFT, UBS, UBS AG, UbsAg, vikram pandit, VikramPandit, WAG, walgreen, walgreens, yahoo, yahoo!, YHOO
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