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Suitor named for Sears credit portfolio

Wednesday, April 2, 2003 | 9:41 a.m.

CHICAGO -- Bank One Corp. Chief Executive Jamie Dimon may bid for Sears, Roebuck & Co.'s $30.8 billion credit-card unit in what would be his biggest purchase, said an executive at the bank.

The acquisition would close the gap between Bank One, the third-largest U.S. card issuer, and Citigroup Inc. and MBNA Corp. Sears, which put the operation up for sale to focus on retailing, may get between $3 billion and $6 billion, analysts estimate.

"It would be hard for us not to take a look at" the Sears business, said Bank One Card Services Chief Executive Philip Heasley in an interview. "Acquisitions are opportunistic and we will look at anything that potentially makes sense." He declined to elaborate.

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