Charles Schwab Corp. said it is committed to remaining independent and has no interest in being acquired.
"We have no interest in selling the company," the
company's chairman and CEO, Charles R. Schwab, said in a statement
released today.
"We remain firmly committed to our independence, and
believe we serve stockholders best by continuing Schwab's strategy as
an independent company, focused on providing clients with great service
at great value."
The statement was an apparent attempt to quash any
speculation that Schwab could be a takeover target, at a time when the
online discount brokerage industry is undergoing consolidation.
Analysts are expecting further mergers and
acquisitions in the industry after the announcement last month of a
$2.9 billion deal that will result in Ameritrade buying TD Waterhouse
USA from parent company Toronto-Dominion Bank.
Among the companies thought to be looking to expand
through a sale or merger is E*Trade Financial Group, which had been
eyeing a possible purchase of Ameritrade before the TD Waterhouse
acquisition was announced.
Schwab: We Will Remain Independent
July 7, 2005
-Raymond Fazzi
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