Based on BMO's Thursday closing price of C$62.05, that values M&I at $7.75 a share, a 33.9 percent premium on Thursday's New York market close. Under the deal, each M&I share will be exchanged for 0.1257 of a share of BMO. wealth management business.īMO said it should generate annual cost savings of about C$250 million by the end of fiscal 2013. branch network, the deal doubles its customer base in personal and commercial banking, gives it a position in additional U.S. In addition to more than doubling BMO's U.S. M&I has 374 branches and about $52 billion in assets. Milwaukee-based M&I is Wisconsin's biggest bank, and the deal would create the 15th-largest banking group by assets in the United States, BMO said. The United States, with its still-fragile banking sector, is a key target. system and we hope that BMO has been able to identify one of them."Ĭanadian banks emerged from the global financial crisis in much better shape than many rivals and have been seeking growth opportunities abroad. "We do believe that there are probably some real deals out in the U.S. "We're not rushing out and selling our (BMO) stock," said David Cockfield, who oversees about C$300 million at MacNicol & Associates Asset Management Inc and who said the share dilution was the reason for the steep fall in BMO's stock price. Shares of M&I were up 18 percent at $6.83 in New York. That news drove BMO shares down 6.4 percent to C$58.11 on the Toronto Stock Exchange. It will issue about C$800 million ($792 million) in new shares to help fund the acquisition. Midwest and more than doubles the branch network it runs through its Chicago-based Harris Bank unit. 4 bank said on Friday the deal adds to its position in the U.S.
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You should review your particular circumstances with your independent legal and tax advisors.TORONTO (Reuters) - Bank of Montreal will buy troubled Wisconsin lender Marshall & Ilsley Corp for $4.1 billion in an all-stock deal, the biggest in a series of deals in which Canadian banks have snapped up weakened rivals.Ĭanada's No. and its affiliates do not provide legal or tax advice to clients. This information is being used to support the promotion or marketing of the planning strategies discussed herein. This information cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer. This information is not intended to be tax or legal advice. Please review the privacy and security policies of web sites reached through links from BMO web sites. Links to other web sites do not imply the endorsement or approval of such web sites. Third party web sites may have privacy and security policies different from BMO. If the requested information is not provided within 30 calendar days, the account will be subject to closure. The information you provide in this form may be used to perform a credit check and verify your identity by using internal sources and third party vendors. We may also ask you to provide a copy of your certificate of incorporation (or similar document) or other identifying documents. For each business or entity that opens an account, we will ask for your name, address and other information that will allow us to identify the entity.
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We may also ask you to provide a copy of your driver's license or other identifying documents.
When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. 107 56 signed into law October 26, 2001)) requires all financial organizations to obtain, verify and record information that identifies each person who opens an account.
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