Deals wrap: RBC offloads U.S. assets
PNC Financial Services Group will buy Royal Bank of Canada’s U.S. retail bank operations for $3.45 billion in cash and stock, making it the fifth largest bank in the United States. The WSJ gets some early reaction to the deal.
ING said it has put its car leasing business up for sale, in a deal Dutch media reported may be worth $5.7 billion.
Rio Tinto, Xstrata, Nyrstar and Noble Group in the past week have announced plans to merge or expand output or capacity — risky bets if famed market bear Nouriel Roubini’s dire warnings about China come to pass.
The rash of accounting scandals at Chinese companies could spell defeat for investment banks in Hong Kong in their long-running battle to avoid being made liable for the prospectuses of IPOs they sponsor.
The New Yorker takes an in-depth look at the Raj Rajaratnam case.