CIT deal gives newcourt 9 directors

Article Abstract:

Toronto-based Newcourt Credit Group Inc. is being acquired by CIT Group Inc. of New Jersey in an all stock transaction originally valued at $4.2 billion. CIT Group will pay 0.92 shares of its stock for each Newcourt share. The deal requires the approval of half of CIT Group's stockholders and two-thirds of the votes cast by Newcourt shareholders. Newcourt will control nine of the 20 seats on the board if the merger is approved. The companies have until Sep 30, 1999, to close the deal.

United States, Foreign operations, Installment Sales Companies, Sales Financing, Consumer finance companies, CIT Group Inc., Newcourt Credit Group Inc.

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TD merger clears critical hurdle

Article Abstract:

Toronto Dominion Bank's proposed acquisition of Canada Trust Co for C$7.85 billion has surpassed a major hurdle as it completed the first part of the regulatory examination needed to pursue the deal. The bank remains positive that it will obtain a satisfactory response from government regulators by Oct 1999. The Competition Bureau will focus its concerns on specific issues, particularly the credit card holdings and the branch concentration of the two groups.

Asset sales & divestitures, Trust Companies, Trust, Fiduciary, and Custody Activities, Canada Trust Co.

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