US acquisition worth $16.6 billion

The Bank of New York agrees to buy Mellon Financial, creating one of the world's largest financial companies.

    The new company will rank among the top 10 global asset managers in the world

    Bank of New York's shareholders will receive 0.9434 shares in the new company for each share of Bank of New York that they own, and Mellon shareholders will receive one share in the new company for each Mellon share they own.

    Bank of New York and Mellon have entered into mutual stock option agreements for 19.9 per cent of the issuer's outstanding common stock.

     

    The board of directors will have 10 members designated by Bank of New York and eight members designated by Mellon. The new company's headquarters will be based in New York City.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: How does your country vote at the UN?

    Interactive: How does your country vote at the UN?

    Explore how your country voted on global issues since 1946, as the world gears up for the 74th UN General Assembly.

    'We were forced out by the government soldiers'

    'We were forced out by the government soldiers'

    We dialled more than 35,000 random phone numbers to paint an accurate picture of displacement across South Sudan.

    Interactive: Plundering Cambodia's forests

    Interactive: Plundering Cambodia's forests

    Meet the man on a mission to take down Cambodia's timber tycoons and expose a rampant illegal cross-border trade.