Doing a Deal

The Salomon-Phibro merger

Even in the Year of the Merger, last week's announcement shocked the close-knit world of Wall Street. Salomon Bros., the world's largest trader in government securities and corporate bonds, was combining with Phibro, the world's largest commodity trader. The $550 million marriage will create a new international financial juggernaut. Said George Ball, president of E.F. Hutton: "There had been inklings of some internal dissatisfaction and potential losses for Salomon Bros., but nothing that had been a harbinger of a move to sell out to another firm."

About two months ago, David...

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