Bank of America (BoA) has announced it is set to acquire Merrill Lynch in an all-stock transaction worth about US$50 billion (Dh183.7bn).
The bank has the most deposits of any US bank, while Merrill Lynch is the world's largest and most widely recognised brokerage firm.
A combination of the two will create a global financial services giant involved in everything from fixed-income trading to stock underwriting and credit card lending, which will rival Citigroup, the biggest US bank in terms of assets. The deal still requires shareholder approval from both firms and regulatory clearance.
Under the agreement, three directors of Merrill Lynch will join the BoA board of directors.
Ken Lewis, the chairman and chief executive of BoA said: "Together, our companies are more valuable because of the synergies in our businesses."
Under terms of the transaction, BoA would exchange 0.8595 shares of its common stock for each Merrill Lynch common share.
The deal values Merrill at $29 a share. That represents a 70 per cent premium over the brokerage's Friday closing price of $17.05, but well below what Merrill was worth at its peak early last year, when its shares traded above $98.
* AP
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Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
COMPANY%20PROFILE
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
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