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BOA buys Merrill Lynch
- United States: Monday, September 15 - 2008 at 09:45
Bank of America has agreed to buy Merrill Lynch in a deal that values the ailing firm at about $44bn, Bloomberg has reported, citing two people familiar with the deal. The companies' boards approved the merger agreement on Sunday evening. Payment will be in Bank of America stock. The $29-a-share purchase price of the 94-year-old firm, while 70% below the stock's January 2006 record, is 70% more than the closing price of $17.05 in New York trading on Sept. 12.
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Jeff Florian, Senior ReporterMonday, September 15 - 2008 at 09:45 UAE local time (GMT+4)
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