cash-and-stock deal worth about $6 billion
PITTSBURGH, PA, United States (UPI) -- Pittsburgh`s PNC Financial Services Group Inc. is acquiring Mercantile Bankshares Corp. in a cash-and-stock deal worth about $6 billion.
Buying the Baltimore company will make PNC 'a top-10 U.S. bank holding company by market capitalization and the 11th largest U.S. bank by deposits,' PNC said Monday in a news release.
The purchase price marks a 28-percent premium over MBC`s closing share price Friday, The Wall Street Journal reported.
Baltimore`s MBC is a $17 billion asset banking company that provides banking and investment and wealth management services through 240 offices in Maryland, Virginia, Washington, Delaware and southeastern Pennsylvania.
Citigroup and Goldman Sachs financially advised PNC, while Sandler O`Neill and Partners LP financially advised MBC.
Buying the Baltimore company will make PNC 'a top-10 U.S. bank holding company by market capitalization and the 11th largest U.S. bank by deposits,' PNC said Monday in a news release.
The purchase price marks a 28-percent premium over MBC`s closing share price Friday, The Wall Street Journal reported.
Baltimore`s MBC is a $17 billion asset banking company that provides banking and investment and wealth management services through 240 offices in Maryland, Virginia, Washington, Delaware and southeastern Pennsylvania.
Citigroup and Goldman Sachs financially advised PNC, while Sandler O`Neill and Partners LP financially advised MBC.
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