Acorn at Peace With Chemical
A community group that posed a threat to the marriage of Chemical Banking Corp. and Manufacturers Hanover Corp. said Wednesday that it will not challenge the merger.
The Association of Community Organizations for Reform Now, or Acorn, is scheduled to hold a press conference today to announce details of its agreement with bank officials.
Acorn will explain how the new Chemical plans to distribute $750 million it has pledged to spend over the next five years for low-income housing, small-business development, and nonprofit organizations. Bank officials will attend the briefing.
In a fencing match with the bankers, Acorn had asked for $10 billion over 10 years against the background of a threat to challenge the merger.
The Center for Law and Social Justice at the City University of New York, another group that had been watching the merger, also said Wednesday that it would not challenge the deal.