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

    Senegal's village of women

    Senegal's village of women

    Women in northeast Senegal are using solar-powered irrigation to farm food and halt the encroaching desert.

    Inside Baltimore's human trafficking industry

    Inside Baltimore's human trafficking industry

    Survivors of sex trafficking and those who investigate it in the city share their stories.

    A tale of two isolations

    A tale of two isolations

    More than 1,000km apart, a filmmaker and the subject of his film contend with the methods and meanings of solitude.