BANKING & FINANCE - Dec. 12, 1995

Chemical, Chase Manhattan Shareholders OK Merger: Shareholders of Chemical Banking Corp. and Chase Manhattan Corp. approved their merger pact, which would create the nation’s largest banking company in a deal worth about $10 billion. The votes in favor of the deal, first announced in August, had been expected. Under terms of the merger, the biggest in U.S. banking history, each Chase common share would be exchanged for 1.04 shares of Chemical common to form the new entity, which would retain the Chase name. The merger still requires the approval of the Federal Reserve Board and the New York state banking board. Chase stock fell 87.5 cents to $61.375 and Chemical lost 62.5 cents to $60; both trade on the New York Stock Exchange.