Mellon Bank Corp., said Monday that it has agreed to buy the Boston Co., a unit of American Express Co.'s Shearson Lehman Brothers, for $1.3 billion in cash, plus stock and warrants worth $152 million.

The $1.45 billion price topped several bids for the coveted trust and money management company. Other suitors included Chase Manhattan Corp. and PNC Financial Corp., according to sources.

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