FleetBoston Will Acquire M.J. Meehan

FleetBoston Financial Corp. said it will buy privately held M.J. Meehan & Co., making its New York Stock Exchange floor-trading unit the largest based on the number of stocks it handles. Fleet Specialists, which the Boston-based bank gained in its 1998 purchase of discount brokerage Quick & Reilly Inc., will be called Fleet Meehan Specialists and oversee trading in 433 stocks. Terms of the acquisition, which needs NYSE and Federal Reserve approvals, were not disclosed. The purchase is the latest in a series of combinations among specialists, which increasingly see deep pockets as a key asset in vying for new listings. Fleet closed off 38 cents at $38 on the NYSE.