November 29, 1997 in Nation/World

Travelers Completes Salomon Acquisition

From Staff And Wire Reports

Travelers Group Inc. said it completed its $9.3 billion acquisition of Salomon Inc., the largest purchase of a securities firm in the U.S.

Travelers, an insurer and consumer finance company, is joining its Smith Barney Inc. brokerage with Salomon Brothers Inc., the world’s biggest bond trader, to create the second-largest U.S. securities firm and a financial services powerhouse. The new firm is called Salomon Smith Barney Inc.

The merger combines “a large domestic retail distributor with a very good fixed-income, ‘OK’ global investment bank,” said Schroder & Co. analyst James Hanbury, who advises investors to buy Travelers stock.

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