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Workplace Dispute Summary.
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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Workplace Dispute Summary Abstract On April 15, 2001 Wachovia Bank NA announced a pending $14 Billion merger-of-equals transaction with First Union Corporation. In May of the same year, SunTrust announced a competing stock-for-stock acquisition proposal and solicited Wachovia's shareholders to vote against the First Union merger. This set the stage for a hostile takeover fight among two of the nations' top ten banks. Dispute Summary As a testimony to the acrid nature of the corporate battle, First Union took out a full-page advertisement in newspapers across the Southeast. The ads urge Wachovia shareholders to vote for the Wachovia/First Union merger via proxy. Such extreme tactics from normally staunch and conservative financial institutions highlight the high stakes involved, not only for this proposed merger in particular, but for the entire U.S. banking sector in general. The battle for Wachovia spilled over into the law courts, with First Union filing suits again SunTrust over...
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