Wachovia Still Pressing Benefits of First Union Deal

First Union (FTU Quote) and Wachovia (WB Quote) continue to put the hard sell on their proposed merger in an effort to steer attention away from a competing bid from SunTrust (STI Quote).

Friday, Wachovia Chairman L.M. "Bud" Baker sought to quell speculation about ulterior motives for the First Union deal. Announced on April 16, the deal carries a very small premium and had many observers baffled as to the logic behind it.

Baker said he has received a number of inquiries from Wachovia shareholders regarding his personal pension benefits under terms of the deal. Baker said neither he nor First Union Chairman and CEO Ken Thompson elected to receive any stock options, restricted stock or other awards or salary increases. "It is painful to me to have anyone possibly feel that I would benefit personally at their or the company's expense," said Baker in a statement. ...