FONT-SIZE Plus   Neg

BMO To Acquire 19.99% Interest In COFCO Trust - Quick Facts

BMO Financial Group (BMO,BMO.TO) said it has entered into a definitive agreement to acquire a 19.99 percent interest - the maximum permitted for a foreign investor - in COFCO Trust Co., a subsidiary of COFCO Group. Terms of the deal were not disclosed.

Gilles Ouellette, president and chief executive officer of BMO Financial Group's Private Client Group and chairman of BMO ChinaCo, commented, "BMO can leverage its North American wealth management and capital markets experience to assist COFCO Trust in developing its wealth management offering. COFCO Trust provides us with a leading entry point and greater flexibility to offer a wider variety of wealth management products directly or through third parties. It complements our investment management capabilities provided by Shanghai-based Fullgoal Fund Management Co. and Hong Kong-based Lloyd George Management."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shares of Philips Electronics NV were gaining around 3 percent in the early morning trading in Amsterdam after the Dutch consumer electronics giant reported Monday a higher profit in its third quarter driven by margin strength with improved performance in its segments. Consolidated comparable sales growth was 2 percent, driven by 5 percent increase in HealthTech portfolio. AT&T announced a definitive agreement to purchase Time Warner in a stock-and-cash transaction valued at $107.50 per share. This purchase price implies a total equity value of $85.4 billion and a total transaction value of $108.7 billion, including Time Warner's net debt. AT&T expects the deal to close before year-end 2017. Chipmaker Qualcomm is reportedly in talks with NXP Semiconductor NV (NXPI) for a possible acquisition, reports said. According to Bloomberg, negotiations are on with a probable price of $110 t $120 per NXP share. The deal would value NXP at around $34.7 billion.
comments powered by Disqus
Follow RTT