In a few years the merger between Morgan Stanley and Dean Witter will appear epoch-making. It will mark a change in the trend of financial mergers away from flashy cross-border deals to more workaday domestic ones.
The contrast with Morgan Stanley's previous acquisition attempt that of SGWarburg at the end of 1994 could not be more marked. Morgan wanted Warburg for its strength in international distribution and its cross-border franchises, for example in European M&A. The attractions of Dean Witter were much more mundane: principally, its US retail network and its money management arm.
There are good reasons why plain home-based acquisitions make more sense....
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