TD takes Banknorth stake for $5B
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A day after confirming media reports that said talks were underway, Toronto-Dominion Bank said early Thursday it has taken a majority stake in New England bank Banknorth Group Ltd.
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First-quarter income at the Toronto-Dominion Bank fell from a year ago, when the bank recorded a special gain, but strong Canadian retail banking and wealth management produced robust results. Toronto-Dominion earned 921 million Canadian dollars ($793 million), down from 2.31 billion Canadian dollars a year earlier, when the bank posted a gain of 1.67 billion Canadian dollars from the sale of TD Waterhouse U.S.A. to Ameritrade. Revenue in the quarter, which ended Dec. 31, was 3.47 billion Canadian dollars, up from 3.40 billion Canadian dollars. Earnings at the wealth management segment, which includes the bankâs 40 percent stake in TD Ameritrade, jumped 35 percent, while profit at TD Canada Trust, the domestic personal and commercial banking unit, rose 14 percent.
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Toronto-Dominion Bank is in the final stages of negotiations to take a controlling interest in New England regional bank Banknorth Group Inc. in a transaction worth as much as $3.5 billion, according to executives involved in the talks.
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NEW YORK, December 30  - Fannie Mae (FNM.NYS) announced yesterday that it had sold preferred stock worth $5 billion to large investors through a private placement issue.
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Canadian control of Banknorth Group Inc. is likely to be good for consumers on this side of the border, an analyst said yesterday after confirmation that TD Bank Financial Group is to become majority shareholder in Banknorth Group Inc.
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Toronto-Dominion Bank TD.TO made a  much-anticipated push into U.S. retail banking on Thursday,  announcing it would acquire a majority stake in Banknorth Group  Inc. BNK.N for $3.8 billion.
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Canada's Barrick Gold Corp. said Thursday it was acquiring a 9 percent stake in London-based Celtic Resources Holding Ltd. &#151; a deal that potentially gives the Canadian gold giant major clout ahead of next year's auction of Russia's biggest gold deposit.
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Toronto Dominion Bank (TD.TO), Canada's second-biggest by assets, said on Thursday it would acquire a majority stake of U.S.-based Banknorth Group Inc. (BNK.N), while also boosting its dividend and reporting a 17-percent rise in profits.
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BCE Inc , Canada's largest telecommunications group, on Saturday accepted a C$51.7 billion ($48.5 billion) offer from a group including the Ontario Teachers Pension Plan, and said it would be the largest buyout in Canadian corporate history.
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Toronto-Dominion Bank confirmed Wednesday it&#39;s in talks to take a stake in Maine-based Banknorth Group. Free! Sign up here to receive our Weekly Roundup e-Newsletter!
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J Sainsbury Plc , Britain's third-biggest supermarket operator, said on Friday it had sold a 5 percent stake in Sainsbury's Bank for 21 million pounds ($41 million) to British banking group HBOS Plc  as potential bidders continue to circle the retailer.
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Banknorth branches across New England will become TD Banknorth under an agreement yesterday that gives Canada's TD Bank Financial Group a controlling stake in New England's largest independent bank.
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Texas Instruments Inc  said on  Friday its board has approved an additional $5 billion share  buyback and the company plans to raise its quarterly cash  dividend by 25 percent.
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Fannie Mae (FNM.N: Quote, Profile, Research) , the embattled US home funding company, on Wednesday said it agreed to sell $5 billion worth of non-cumulative preferred stock in two placements to certain institutional buyers in
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NEW YORK : Toronto-Dominion Bank said it would pay 3.8 billion dollars for a controlling stake in Maine-based Banknorth Group as the Canadian lender moved to take its first foothold in US branch banking.
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Denmark&#39;s biggest financial group, Danske Bank, has agreed to purchase Northern Bank in Northern Ireland and National Irish Bank in the Republic of Ireland from National Australia Bank for Â£967 million.
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Canadian stocks fell, led by Toronto- Dominion Bank, after the lender said it would buy a controlling stake in Banknorth Group Inc.