AmEx may be target, especially of Citigroup - report Headlines Last Change 03/29 18:30 NEW YORK, March 29 (Reuters) - Citigroup (C) chairman Sandy Weill may be interested in purchasing credit card giant American Express (AXP), according to a report in Business Week magazine. Investors said that Citigroup, with assets of $900 billion and a market value of $230 billion, could potentially afford AmEx, which has assets of $155 billion and a market capitalization of $53 billion, the report said. The article cited a money manager who said that American Express could fetch a total of about $55 per share. Another manager said the company is worth $70 per share. Shares of American Express closed at $38.96 on the New York Stock Exchange on Thursday, below a 52-week high of $62.81 and above a low of $34.25. Morgan Stanley Dean Witter (MWD) and American International Group (AIG) are also in the running for AmEx, the report said. American Express officials were not immediately available for comment.
Re: Amex may be bought by Citi I hope that's not true. If it is I will have to cancel my Blue and my corporate card. I can just imagine my interest rates skyrocketing and the customer service dropping. Why do all these banks feel the need to merge? Actually, the above sounds more like a hostile takeover. Dani
Re: Amex may be bought by Citi No worries, Harvey and Ken would never sign on it!! This is just one way for Visa/MC to close the grips on the anti-trust lawsuit and would only serve to further squeeze out competetion--which is the whole premise of the lawsuit.
Re: Amex may be bought by Citi I can also see anti-trust problems as Citigroup also owns Diners Club. Best regards, Sam
Re: Amex may be bought by Citi SINCE I WAS DENIED CITIBANK TWICE LAST YEAR (EVEN WITH APPROVAL CODE #) they would probably close my perfectly paid 1.5 year old AMEX BLUE account...
Re: Amex may be bought by Citi Sam, Others ant-trust problems would occur with Citi's American Airlines Advantage card and the AMEX Delta Skymiles Card--one of them would have to go
Re: Amex may be bought by Citi actually the airlines cards might not have to go. you see citi also operates the travelocity card. and that gives miles towards allot of airlines. They didnt get any lawsuits when they took over that card. also both citi and amex have the hilton HHonors card too. also when they bought at&t card they didnt immediately change anything. When they took over me At&t universal card it actually took a couple years before i noticed they changed anything. andthe only thing they changed is the fees on the card. the late fee used to be 25.00 now its 29.00. bt my interest rate didnt change at all.
question for jason If you have an account with amex that is currently being handled through consumer credit counseling services will amex still let you sign up for a cobalt card?
