Toronto-Dominion to Own 13% Charles Schwab Stake After Ameritrade Deal
November 25 2019 - 7:00AM
Dow Jones News
By Colin Kellaher
Toronto-Dominion Bank (TD.T, TD) will hold a roughly 13% stake
in Charles Schwab Corp. (SCHW) following Schwab's $26 billion
all-stock acquisition of TD Ameritrade Holding Corp. (AMTD), Schwab
said Monday.
The Toronto financial-services company, which currently owns a
43% interest in TD Ameritrade, will also have the right to name two
directors to the Schwab board.
However, Schwab said Toronto-Dominion's voting stake will be
capped at 9.9%, with the balance of its position held in a new,
non-voting class of common stock.
TD Ameritrade's other shareholders will own about 18% of the
combined company, while existing Schwab holders will own about 69%,
Schwab said.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 25, 2019 06:45 ET (11:45 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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