On March 28, 2003, Household International, Inc. (“Household”) was acquired by HSBC Holdings plc (“HSBC”) by way of merger with H2 Acquisition Corporation (“H2”), a wholly owned subsidiary of HSBC, in a purchase business combination. Following the merger, H2 was renamed “Household International, Inc.” Effective January 1, 2004, HSBC transferred its ownership interest in Household to a wholly owned subsidiary, HSBC North America Holdings Inc., who subsequently contributed Household to its wholly owned subsidiary, HSBC Investments (North America) Inc. As a result of the merger and subsequent transfers, Household’s equity is no longer publicly traded. However, as wholly owned subsidiaries of HSBC, Household and its wholly owned subsidiary, Household Finance Corporation (“HFC”), will continue to file periodic reports with the United States Securities and Exchange Commission (the “SEC”) in a reduced disclosure format in accordance with SEC rules.
This information is provided for researchers by Household - HSBC Watch and the source reference is the Securities and Exchange Commission (SEC)
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Be advised that HSBC Finance Corporation and Metris Companies Inc. have entered into a definitive agreement for HSBC Finance to acquire Metris in an all-cash transaction which values Metris at US$1.594 billion. Upon completion, Metris will become a wholly-owned subsidiary of HSBC Finance. Metris is based in Minnetonka, MN, and is a large bankcard issuer that was spun off from Fingerhut in 1994 and became a public company in 1996. Metris issues credit cards through Direct Merchants Credit Card Bank, N.A., a wholly-owned subsidiary headquartered in Phoenix, AZ. The Board of Directors of Metris has unanimously approved the transaction, as has the Board of Directors for HSBC Finance. The transaction is scheduled to close on December 9, 2005.
http://biz.yahoo.com/prnews/050804/nyth115.html?.v=18