The shareholders of The PNC Financial Services Group and National City Corporation voted to approved the firms’ deal to merge. New York investment firm Corsair Capital Partners had invested $785 million in publicly traded, Cleveland, Ohio-based National City.
The PNC Financial Services Group, Inc. (NYSE: PNC) announced at a special meeting today that its shareholders approved the issuance of shares of PNC common stock in connection with the acquisition of National City Corporation (NYSE: NCC) . In a separate meeting today, National City stockholders approved the acquisition, which is expected to close on Dec. 31, 2008. Both shareholder groups approved the transaction by a substantial margin.
The PNC Financial Services Group, Inc. (http://www.pnc.com) is one of the nation’s largest diversified financial services organizations providing retail and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.