Merger and Acquisitions Roundup: RBC & TD Have Bidding War, State Street & BlackRock Bid For CS Unit
It appears that the Royal Bank of Canada (NYSE:RY) has passed Toronto-Dominion Bank (NYSE:TD) in a bidding war over the weekend to snap up Ally Financial’s operations in Canada in a purchase valued in excess of $4 billion, say sources. However, the situation is also said to be fluid, and an official announcement could come Monday, or TD might bring a higher offer.
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Credit Suisse Group’s (NYSE:CS) $17 billion European ETF unit is up for sale and offers from BlackRock (NYSE:BLK) and State Street Corporation (NYSE:STT) are already in, reports Reuters. A State Street victory would reinforce that company’s weak offerings in the region, but a BlackRock triumph would boost its already dominant footprint.