International Canadian Bank Deal

December 17th, 2010
in News, Banking

Toronto (Reuters):  Bank of Montreal (BMO.TO) will buy Wisconsin's Marshall & Ilsley Corp (MI.N) bank for about $4.1 billion in an all-stock deal, the biggest in a series of Canadian financial sector deals to snap up weakened rivals.

Follow up:

Canada's fourth biggest bank said the deal would strengthen its position in the U.S. Midwest and more than double a branch network it operates through its Chicago-based Harris Bank subsidiary.

It will issue about C$800 million ($792 million) in new shares to help fund the deal.

That news drove BMO shares down 6.5 percent to C$58.02 on the Toronto Stock Exchange. Shares of takeover target M&I were up 20 percent at $6.95 in New York.  Read more.....

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