NationsBank/Fleet deal rumoredFleet Financial Group Inc.'s...

BUSINESS DIGEST

September 22, 1993

NationsBank/Fleet deal rumored

Fleet Financial Group Inc.'s shares closed up 4.6 percent, at $34 a share, in active trading yesterday, amid speculation that NationsBank Corp. was eyeing the nation's 15th-largest banking company as a takeover target.

Shares traded as high as $34.50 yesterday after First Boston bank analyst Thomas Hanley told investors that NationsBank was considering making a bid for Fleet. Fleet and NationsBank declined to comment.

Esquire editor replaced

Surprising the magazine industry yesterday, Hearst Magazines removed Terry McDonell as editor-in-chief of Esquire and went outside the company to replace him with Edward Kosner, editor and president of New York magazine.

Banking panel OKs lending plan

President Clinton's program to stimulate lending in poor urban and rural areas cleared the Senate Banking Committee on an 18-1 vote yesterday.

Treasury Secretary Lloyd Bentsen praised the panel -- the first in Congress to act on the bill -- for its "bipartisan spirit of cooperation." The measure would authorize spending up to $382 million over four years to invest in specialized community lending institutions.

ManTech buys Columbia firm

ManTech International Corp. of Fairfax, Va., has completed the purchase of Simulation, Systems and Services Technologies Co., a Columbia-based maker of control room simulators for power plants and factories. The price was not disclosed.

ManTech also said yesterday that William E. Kuhlmann was named president of the 300-person operation, commonly known as S3 Technologies. Mr. Kuhlmann is former president and chief executive of General Physics Corp.

Talbots plans stock offering

Talbots Inc., a national specialty retailer and catalog seller of women's clothing and shoes, plans to raise about $176 million by selling 11 million shares of common stock in an initial public offering.

U.S. nixes reopening farm talks

U.S. Trade Representative Mickey Kantor rejected yesterday European Community calls for fine-tuning the U.S.-EC farm trade accord that France has threatened to veto. "We will not reopen the Blair House agreement either directly or indirectly," Mr. Kantor said in a statement on the deal to reduce European farm export subsidies.

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