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

    Pakistan's tribal areas: 'Neither faith nor union found'

    Pakistan's tribal areas: 'Neither faith nor union found'

    Residents of long-neglected northwestern tribal belt say incorporation into Pakistan has left them in a vacuum.

    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.

    The priceless racism of the Duke of Edinburgh

    The priceless racism of the Duke of Edinburgh

    Prince Philip has done the world an extraordinary service by exposing the racist hypocrisy of "Western civilisation".