NEW YORK - Bank of Montreal did a little Christmas Shopping today as it picked up Marshall & Ilsley Corporation (MI) the 19th largest bank in the U.S. by assets. The company will issue approximately 67 million shares in the transaction valuing the company at $4.1 billion, but due to the recent slide of the share price after the announcement it is now for $3.8 billion. MI is one of the many remaining ghost banks in the U.S. which still owe the government TARP money and are mired in losses. Shareholders of BMO quickly deserted the company's stock on the news as it dropped nearly 7%. On the other hand MI is up nearly 18% on the news.
BMO based on its asset size would be the 12th largest bank in the U.S.
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