Wachtell Reps PNC In $3.5B Deal For RBC US Assets

Law360, New York (June 20, 2011, 1:53 PM EDT) -- PNC Financial Services Group Inc. said Monday it would pay $3.45 billion for the Royal Bank of Canada's 424 U.S. branches, which are located throughout the Southeast, in a move to further expand the Pittsburgh-based bank's retail reach.

PNC has the option to pay for Raleigh, N.C.-based RBC Bank (USA) using as much as $1 billion of its common stock, or 3 percent of its outstanding common shares based on Friday's closing price of $57.79, with RBC's ownership of the shares limited to 4.9 percent, the...
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