Merrill CEO met Wachovia for possible merger: report
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Fri, 26 Oct 2007 05:18:03 GMT |
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NEW YORK (Reuters) - Merrill Lynch & Co.'s Chief Executive Stan O'Neal broached the idea of merging with Wachovia Corp. without first getting board approval, angering some members so much that they considered replacements for O'Neal, the New York Times reported on Friday.The paper, citing people familiar with the situation, said the board's reaction indicates that a merger with Wachovia, the fourth-largest U.S. bank, was "not likely for now."The merger approach, which came before Merrill's disclosure of an unexpectedly large, $7.9 billion third-quarter write-down for collateralized debt obligation investments, was viewed as "a major breach of corporate protocol," the paper said.The board considered candidates including Laurence Fink, chairman and chief executive of BlackRock , which is roughly half owned by Merrill and John Thain, chief executive of NYSE Euronext .Representatives of Merrill and Wachovia were not immediately available for comment.The paper said O'Neal called G. Kennedy Thompson, Wachovia's chairman and chief executive, just days before Merrill's board meeting slated for last Sunday, the paper said.Thompson expressed interest in "having a conversation," the paper said, but acknowledged difficulties in such a business combination.
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