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M&I sold to Canadian bank for $4.1 billion
M&I sold to Canadian bank for $4.1 billion BMO Financial Group, the parent company of Harris Bank, said Friday it has agreed to buy Marshall & Ilsley Corp. - Wisconsin's largest bank - for $4.1 billion. The all-stock deal values Mashall & Ilsley at $7.75 a share, compared with yesterday's closing price of $5.79 on the New York Stock Exchange, Toronto-based BMO, also known as the Bank of Montreal, said today in a statement. BMO's Harris Bank is based in Chicago. In early trading Friday, M&I's stock was up $1.11 to $6.89. The sale comes after M&I had posted eight consecutive quarterly losses, struggling to return to profitability after the housing slump and recession caused losses on loans, especially in its Arizona markets. In a conference call with stock analysts Friday morning, BMO chief executive Bill Downe said, "M&I is a very well-run bank clearly caught in the real estate down draft." Downe said the acquisition was in keeping with BMO's stated goal of expanding in the Midwest. The acquisition "transforms BMO's competitive position in the U.S.," Downe said earlier. "It also increases scale and provides strong entry into other attractive markets, including Minnesota, Missouri, and Kansas, and expansion in Indiana and ... more

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