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Article: National City stock dives 43 percent
- Article from:
- Tribune-Review/Pittsburgh Tribune-Review
- Article date:
- March 18, 2008
- Author:
CopyrightCopyright 2008 Tribune-Review/Pittsburgh Tribune-Review. Provided by ProQuest LLC. (Hide copyright information)
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Shares of troubled National City Corp. plunged more than 40
percent Monday on the belief that a white knight won't be acquiring
them and a lucrative side deal could be on hold.
The free fall to $7.52 a share was the worst drop in 24 years in
the stock price of the Cleveland bank, which has a major presence in
the Pittsburgh region.
JPMorgan Chase & Co., the financial services giant in New York,
had emerged in recent days as a potential acquirer of National City,
whose stock has suffered with the housing crisis.
But on Sunday it was reported that JPMorgan would acquire Bear
Stearns & Co., the troubled investment banking firm.
"By acquiring Bear Stearns, JPMorgan has probably taken
themselves ...