PNC & TD Suitors for Bankia’s Florida Unit, Liberty Global Tries for Telenet: Merger and Acquisitions Update
On Tuesday, Wells Fargo Asset Management (NYSE:WFC) said that it purchased a minority ownership interest in privately-held The Rock Creek Group, a fund of hedge funds firm in Washington, DC, with about $7 billion in assets under management. The latter supplies commingled and customized multi-manager alternatives and long-only investment solutions to institutional clients. Financials of the transaction were not reported.
PNC Financial Services Group (NYSE:PNC) and Toronto-Dominion Bank (NYSE:TD) are two of a number of large banks that might be solicited by the Spanish Bankia as it looks to find a buyer for its Florida business early in 2013 in a deal that could bring it a minimum of $500 million. Bankia has the distinction of being the largest bank in Spain due to get a European bailout which was to help it rid itself of bad loans. The likely divestiture is that of City National Bank of Florida, based in Miami, which has 26 branches and more than $4.3 billion of assets.
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US Concrete (NASDAQ:USCR) reported Tuesday that its wholly owned subsidiary, Smith Precast, finalized the sale of primarily all of its assets in a cash transaction of $4.27 and the assumption of certain obligations by Jensen Enterprises, dba Jensen Precast, which is a Nevada corporation.
The American broadband operator Liberty Global (NASDAQ:LBTYA) makes a per-share offer of $46.10, which represents a total valuation of $2.5 billion, for shares it does not already own of Telenet Group Holding, maintaining its prior bid despite the Belgian cable firm’s own higher-valuation assessment. Presently, Liberty is enmeshed in a valuation dispute with Telenet as it wants to acquire the rest of the latter’s shares so as to own it outright.
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