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M&T Bank Corporation Message Board

  • scottstheone@ymail.com scottstheone Oct 6, 2010 12:19 PM Flag

    WARNING! BIG SELLOFF COMING AFTER MARKET CLOSE TODAY

    "UPDATE 1-AIB may cut M&T stake price after Santander walks

    * Analysts expect M&T stake to be sold at a discount
    * Santander seen reaching its limit for acquisitions
    * AIB target of 2.5 bln euros from disposals looks tough
    * AIB shares down 4.2 percent, M&T shares fall 5 percent

    (Adds M&T Bank share price, details on sale)
    By Paul Hoskins and Steve Slater
    DUBLIN/LONDON, Oct 6 (Reuters) - Allied Irish Banks
    <ALBK.I>, once Ireland's biggest lender, might have to cut the
    sale price of its $2.2 billion stake in M&T Bank Corp <MTB.N>
    after Spanish lender Santander <SAN.MC> walked away.
    AIB <ALBK.L> shares were down 4.2 percent at 1100 GMT. M&T
    bank shares fell 5 percent in U.S. morning trading.
    AIB said on Tuesday that it would sell its 22 percent stake
    in M&T in a public offering underwritten by Morgan Stanley and
    Citigroup. The sale is expected after the close of markets on
    Wednesday, an underwriter said.
    The decision came after AIB failed to sell to Santander.
    The Spanish company last month agreed to buy the Irish bank's
    70 percent stake in Bank Zachodni <BZWB.WA>, Poland's third
    largest bank, as part of a 3.1 billion-euro deal.
    .....

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