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Corestates Rejects Bid From Mellon Bank

CoreStates Financial Corp. rejected a takeover bid by Mellon Bank Corp. on Thursday, and Mellon agreed to withdraw the offer.

The combined banks would have had nearly 30 percent of the market in Pennsylvania and would have ranked as the 11th biggest bank in the country.

“We did make an offer which we thought was attractive to both parties. It wasn’t accepted. They made a request that it be withdrawn and we’ve done so,” Mellon spokesman Steve Dishart said Thursday. CoreStates confirmed that its board considered the offer and rejected it.

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