Tuesday, December 21, 2010

Toronto-Dominion offers $6.3 Billion for Chrysler Financial

Toronto-Dominion Bank of Canada said on Tuesday that it will buy Chrysler Financial for $6.3 billion, taking it off Cerberus Capital Management's hands.

The sale will help Cerberus see some return on its troubled takeover of Chrysler, a $7.4 billion leveraged buyout of the carmaker struck in 2007. It also marks the latest deal by acquisition-hungry Canadian banks seeking to expand their international operations.

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