There's Pain In Amex' Gain

On the surface, the hefty deal struck by American Express Co. for its Boston Co. unit seems like a windfall. On Sept. 14, Pittsburgh-based Mellon Bank Corp. agreed to cough up $1.45 billion for the old-line private bank and money-management firm. Thanks to a bidding war, the price tag is a cool $100 million higher than AmEx's asking price.

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