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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 17, 1998 Commission file number 1-5805
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(Date of earlier event reported)
THE CHASE MANHATTAN CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 13-2624428
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(State or Other Jurisdiction (I.R.S. Employer
of Incorporation) Identification No.)
270 Park Avenue, New York, NY 10017
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (212) 270-6000
Item 5. Other Events
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On November 17, 1998, the Chase Manhattan Corporation ("Chase") announced
that its Board of Directors has authorized Chase to repurchase up to net $3
billion of its Common Stock commencing January 4, 1999. Chase's current
authorization expires December 31, 1998.
A copy of Chase's press release is attached as an exhibit hereto and
incorporated herein by reference. That press release contains statements that
are forward looking within the meaning of the Private Securities Litigation Act
of 1995. Such statements are subject to risks and uncertainties and Chase's
actual results may differ materially from those set forth in such
forward-looking statements. Reference is made to Chase's reports filed with the
Securities and Exchange Commission, in particular Chase's Annual Report on Form
10-K for the year ended December 31, 1997, for a discussion of factors that may
cause such differences to occur.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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The following exhibits are filed with this report:
Exhibit Number Description
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99 Press Release
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE CHASE MANHATTAN CORPORATION
(Registrant)
By: /s/Dina Dublon
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Dina Dublon
Executive Vice President
and Treasurer
Dated: November 18, 1998
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EXHIBIT INDEX
Exhibit Number Description
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99 Press Release
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The Chase Manhattan Corporation
270 Park Avenue
New York, New York 10017-2070
News Release
Investor Contact: John Borden Press Contacts: Kathleen Baum
212-270-7318 212-270-5089
For Immediate Release
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Chase Announces New Common Stock Repurchase Authorization
New York, November 17, 1998 - The Board of Directors of The Chase Manhattan
Corporation (NYSE:CMB) has authorized the repurchase of up to $3 billion of
Chase's common stock in the open market or through negotiated transactions. This
authorization is in addition to any amounts necessary to provide for issuances
under Chase's dividend reinvestment plan and its various stock-based director
and employee benefit plans. The new authorization becomes effective January 4,
1999. Chase's current authorization expires December 31, 1998.
"Chase is committed to Shareholder Value Added, and a disciplined capital policy
is a key component of that commitment," said Walter V. Shipley, chairman and
chief executive officer. "While seeking to maintain strong capital ratios, we
also believe that we must deliver a superior return to shareholders." Chase is
currently targeting a long-term Tier One capital ratio of 8 to 8.25 percent.
Capital generated in excess of target ratios will be used for continued
purchases of Chase common stock, or for future investment and acquisition
opportunities.
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