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US regulating bodies have approved BoNY’s and Mellon Financial’s merge
6 June 2007The US regulating bodies have approved merge of one of the largest American banks Bank of New York and Mellon Financial Corp. Company. Such information, as Associated Press transfers, has been represented in the message of the Federal Trade Commission. Earlier the transaction has been approved by shareholders of both companies, and it is planned for the III quarter 2007.
According to the terms of the agreement, shareholders of Bank of New York will receive 0, 9434 of shares of the incorporated company for each share. Mellon Financial’s shareholders will exchange their company’s shares on the shares of the incorporated company on 1:1 parity. The sum of the transaction will make 16,5 billion dollars
In the result of merge the world’s largest financial corporation on management of actives and rendering of services in the field of securities will be created.
The annual proceeds of the incorporated company are predicted at the level of 12 billion dollars. The total number of employees of the new company, which will receive name The Bank of New York Mellon Corp., will make nearby 40 thousand people. Within three years after merge nearby 3,9 thousand from them will be fired.
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