Manitowoc’s Deal Off, RBC Buys Ally Financial Unit: Mergers and Acquisitions Review
Manitowoc Company (NYSE:MTW) shares move down modestly after Ali Group is said to not be interested in purchasing its food service distribution. On Friday, the shares were trading at $14 prior to rumors of a potential sale, which pushed them up to around $15.20.
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Berkshire Hathaway’s (NYSE:BRKB) National Indemnity Unit received a regulatory okay to close on its acquisition of Israel’s Clal Insurance United States operations. The transaction, which is worth $221 million, was first announced in August.
Royal Bank of Canada (NYSE:RY) will purchase Ally Financial’s Canadian operations for a “total consideration” of between $3.1 billion and $3.8 billion. The operations consist of auto and consumer finance divisions and the buyer is paying a premium to book value of $600 million. The acquisition should be “modestly accretive” to earnings in the first year.
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