PNC Financial to Acquire National City Bank in Stock and Cash

"PNC Financial Services Group Inc. is taking advantage of capital being raised from the U.S. Treasury Department's rescue plan and will buy National City Corp. for $5.58 billion in cash and stock.

Under the deal, Pittsburgh-based PNC will buy Cleveland-based National City for $2.23 per share, or about $5.2 billion in PNC stock. Another $384 million in cash will be payable to certain warrant holders, PNC said in a news release.

Source: Financial Stuffs