Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Article excerpt

Banc One To Be Third In Plastic

Banc One Corp. said Monday it will buy First USA Inc. for $7.3 billion.

The deal would create the nation's third-largest credit card operation with a combined 32 million cardholders, and would marry the nation's 10th-largest bank with one of the nation's fastest-growing credit card companies. If the deal is completed, Banc One, of Columbus, Ohio, would trail only Citicorp and AT&T Corp. in the number of credit cards issued. First USA offers both Visa cards and Mastercards. The combined operation would have assets of $35 billion, though First USA, based in Dallas, is expected to continue operating under its current name. Associated Press Drug Merger Ace Quits Abruptly John Zabriskie, who led the merger of Upjohn Co. and Sweden's Pharmacia AB into one of the world's largest drug companies, unexpectedly quit Monday. Zabriskie, 57, resigned as president and chief executive during a meeting of Pharmacia & Upjohn Inc.'s board of directors in Stockholm. A spokesman said the resignation was effective immediately, and that Zabriskie said he wanted to return to the United States to pursue other interests. Pharmacia & Upjohn products include Rogaine hair restorer and Nicotrol nicotine patches. Associated Press Aerospace Supplier Sold Banner Aerospace Inc. of Washington, D.C., said it is buying P.B. Herndon Co. of St. Louis, a specialty fastener distributor to the aerospace industry, for an undisclosed amount. Herndon has annual sales of $20 million. Herndon will continue to be directed by its current management team of Scott Herndon, chief executive, and Craig Herndon, president. Bloomberg Clark Buys Hop-In Stores Clark Refining & Marketing Inc. of Clayton has completed its purchase of 51 Hop-In gas station/convenience stores owned by a Canadian company for $21. …

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