FTC Clears $848M CIBC Stake In JPMorgan Unit

Law360, New York (August 12, 2011, 6:21 PM EDT) -- The Federal Trade Commission gave the Canadian Imperial Bank of Commerce a green light Friday to buy a 41 percent stake in Missouri-based asset management company American Century Investments from JPMorgan Chase & Co. for $848 million.

The agency granted early termination to its antitrust review less than a month after the all-cash transaction was announced.

The purchase will boost the bank's presence in the U.S. and immediately add to earnings, CIBC said in a statement July 15.

American Century currently manages assets valued at $112...
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