Finance

FLEET FINANCIAL TO ACQUIRE BANKBOSTON IN $16B DEAL

3.15.1999

          Fleet Financial Group has agreed to acquire BankBoston
     Corp. in a "stock-for-stock deal" valued at $16B, according
     to Lynnley Browning of the BOSTON GLOBE.  The new entity,
     called Fleet Boston Corp. for now, creates the nation's
     eighth largest bank.  The name is "temporary, and will be
     scrapped after the new company conducts a market survey." 
     The company may also drop Fleet's logo of three sailboats. 
     Under the deal, Fleet Bank CEO Terrence Murray will be Chair
     & CEO for two years, before retiring and being replaced by
     BankBoston CEO Chad Gifford (BOSTON GLOBE, 3/15).

PREVIOUS PADRES LAND PROPERTY DEAL, WILL PAY $24M FOR DOWNTOWN SITE NEXT A CHANGE OF OWNERSHIP, AND THEN, MALOOF, RICK BENNER'S GONE

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