Advertisement

A big investor backed the Bergen-National merger.

Share

Hannah Mining Co. of Cleveland, owner of 1.1 million, or 5.4%, of the outstanding shares of National Intergroup, became the first major institutional investor to publicly back the proposed merger of Pittsburgh-based National and Los Angeles-based Bergen Brunswig, a big distribution company. Earlier, three investors with voting control over 15% to 20% of National’s stock said they opposed the merger. One, Leucadia National, is waging a proxy fight on grounds that investors could get more money by liquidating National. Bergen Brunswig shareholders vote on the merger March 4 and National shareholders vote March 7.

Advertisement