In the law of corporations, a merger is effected when one or more corporations becomes a part of, or merges, with another corporation so that one ceases to exist and the other continues to exist. In a merger, the company that continues to exist retains its name and identity and acquires the assets, liabilities, franchises, and powers of the corporation that ceases to exist. Attorneys who practice in mergers and acquisitions (sometimes called M & A) represent corporations and other business entities in strategizing, negotiating, and carrying out transactions in which two or more companies or corporations combine into a single new entity, a merger, or where one business purchases and absorbs the assets of another, an acquisition.
Birmingham is the largest city in the state of Alabama in the United States. It is the county seat of Jefferson County and includes part of Shelby County. According to a 2007 estimate, the city had a population of 229,800. The Birmingham-Hoover Metropolitan Area, as of the 2008 census estimates, has a population of 1,198,932. It is also the largest city in the Birmingham-Hoover-Cullman Combined Statistical Area, colloquially known as Greater Birmingham, which contains roughly one quarter of the population of Alabama. Birmingham was founded in 1871, just after the American Civil War, as an industrial enterprise. It was named after Birmingham, one of the UK's major industrial cities. Through the middle of the 20th century, Birmingham was the primary industrial center of the Southern United States. The astonishing pace of Birmingham's growth through the turn of the century earned it the nicknames "The Magic City" and "The Pittsburgh of the South". Much like Pittsburgh in the north, Birmingham's major industries were iron and steel production. Over the course of the 20th century, the city's economy diversified. Though the manufacturing industry maintains a strong presence in Birmingham, other industries such as banking, insurance, medicine, publishing, and biotechnology have risen in stature. Birmingham has been recognized as one of the top cities for income growth in the United States South with a significant increase in per capita income since 1990. Today, Birmingham ranks as one of the most important business centers in the Southeastern United States and is also one of the largest banking centers in the U.S. In addition, the Birmingham area serves as headquarters to one Fortune 500 company: Regions Financial. Five Fortune 1000 companies are headquartered in Birmingham.