Comerica Inc. said it expects to complete its merger with Manufacturers National Corp. June 18, two months later than planned, and will take a restructuring charge of $124 million, or $9 million more than estimated.
700 Take Early Retirement
Speaking in Baltimore at a seminar sponsored by the brokerage house of Alex. Brown & Sons, Comerica chairman Eugene Miller said 700 workers, far more than anticipated, had accepted an early-retirement offer, boosting severance expenses.
Analysts said they expect the combined company to report a modest loss for the second quarter as a result of the restructuring charge. The company said it still expects to save $145 million annually by 1994.
The only pending regulatory action on the merger is by the U.S. Department of Justice, which has indicated it will approve.
