PNC, National City merger set to close Dec. 31

By Lisa Kerner

Charlotte, N.C., Dec. 23 - PNC Financial Services Group, Inc. and National City Corp. shareholders approved a merger of the two companies at separate special meetings on Tuesday.

The merger is expected to close on Dec. 31, a PNC news release said.

PNC agreed to acquire National City, a Cleveland-based financial holding company, in a stock-for-stock transaction valued at $5.2 billion in PNC stock.

National City shareholders will receive 0.0392 shares of PNC common stock for each share of National City held, it was previously reported.

PNC is a Pittsburgh-based diversified financial services company.

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