EXHIBIT 99.2
MORGAN STANLEY, DEAN WITTER, DISCOVER & CO.
1585 BROADWAY NEW YORK, NEW YORK 10036
FOR IMMEDIATE RELEASE
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Contact: Elaine La Roche
(212) 761-4929
MORGAN STANLEY AND DEAN WITTER, DISCOVER COMPLETE MERGER
TO CREATE THE PREEMINENT GLOBAL FINANCIAL SERVICES FIRM
New York, June 2, 1997 -- Dean Witter, Discover & Co. (formerly NYSE:DWD) and
Morgan Stanley Group Inc. (formerly NYSE:MS) announced today the completion of
their merger on May 31, 1997. The new company is called Morgan Stanley, Dean
Witter, Discover & Co. and its stock begins to trade today on the New York Stock
Exchange under the "MWD" symbol. The merger was approved by the shareholders of
both companies on May 28, 1997.
The Morgan Stanley, Dean Witter, Discover & Co. merger creates the preeminent
global financial services firm with a market capitalization of $21 billion and
leading market positions in its three primary businesses -- securities, asset
management, and credit services. The company has over 45,000 employees and 409
offices in 22 countries worldwide (371 retail branch offices). In total assets
under management, the company manages over $270 billion, which is in the top
five globally and more than any other securities firm. The firm is the #1
credit card issuer with 39 million customers and #2 in credit card sales volume
at $54 billion last year. The company is ranked #1 in announced global merger
and acquisition activity* and was the top underwriter for U.S. equities in
1996.* It also has the #2 equity research team as ranked by Institutional
Investor magazine for 1996.
Philip J. Purcell, Chairman and Chief Executive Officer and John J. Mack,
President and Chief Operating Officer of MSDWD said jointly: "The combination of
these three powerful and distinctive brands will create a global powerhouse with
unmatched origination and distribution skills and a unique balance between
institutional and individual investor capabilities. We have already started to
reap the benefits within many areas of the combined company, including
investment banking and equity research, as well as institutional sales and
trading. We are extremely enthusiastic as we move forward to create the firm
that will clearly be a global leader as we enter the 21st century."
Richard B. Fisher, Chairman of the new Board's Executive Committee, said "This
new company promises extraordinary new opportunities for clients and employees
that will ultimately translate to added value for shareholders."
*Full credit to each manager. Source: Securities Data Co.
PAGE TWO
In the new company, Peter Karches is President and Chief Operating Officer of
Morgan Stanley & Co. Incorporated, the institutional investment bank. James
Higgins is the President and Chief Operating Officer of Dean Witter Securities,
the individual investor securities business. James Allwin is President and
Chief Operating Officer of Morgan Stanley Institutional Investment Management
which includes: Morgan Stanley Asset Management, of which Barton Biggs remains
Chairman; Miller Anderson & Sherrerd; Merchant Banking; Morgan Stanley Services;
and the private equity businesses. Richard DeMartini is the President and Chief
Operating Officer of the Retail Asset Management Group, which includes
InterCapital, Van Kampen American Capital and Morgan Stanley retail mutual fund
families. Thomas Butler is the President and Chief Operating Officer of
Discover Brands, the credit card businesses.
In recognition of how critical the asset management business has become in this
environment, Phil Purcell and John Mack have asked Philip N. Duff to become
President and Chief Executive Officer of Van Kampen American Capital and have
asked Mitchell M. Merin to become President and Chief Strategic Officer of
InterCapital. They said jointly: "We are confident that Phil and Mitch's
combination of solid management experience, depth of knowledge in asset
gathering and financial services, will enable us to continue to build and
strengthen our retail fee-based businesses which are vital to our global
strategy and future." Don G. Powell will become Chairman of Van Kampen American
Capital. Charles A. Fiumefreddo will continue as Chairman of InterCapital.
Robert G. Scott will become Chief Financial Officer of the new company.
Additionally, Thomas C. Schneider is the Chief Strategic and Administrative
Officer and a member of the Board of Directors of the new company. Christine A.
Edwards is the Chief Legal Officer.
The Board of Directors of Morgan Stanley, Dean Witter, Discover & Co. are:
Philip J. Purcell, John J. Mack, Richard B. Fisher, Thomas C. Schneider, Robert
P. Bauman, Edward A. Brennan, Daniel B. Burke, C. Robert Kidder, Miles L. Marsh,
Michael A. Miles, Allen E. Murray, Paul J. Rizzo, Clarence B. Rogers, Jr., and
Laura D'Andrea Tyson.
The corporate headquarters for Morgan Stanley, Dean Witter, Discover & Co. is
located at 1585 Broadway, New York, NY, 10036.
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