Report: M&T Bank, Santander Renew Merger Talks (MTB)

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According to a report in Tuesday's Financial Times, M&T Bank Corporation ( MTB ) and Spanish banker Santander have renewed merger talks involving M&T and Santander's Sovereign Bank.

The two companies had discussed a merger earlier this year, but talks reportedly fell apart in May amid disputes on who would control the combined entity.

In its pursuit of a footprint in the American banking market, Santander bought a 25% stake in Sovereign in 2006, then purchased the remainder of the company in 2009. Its original merger plans with M&T this past spring involved M&T buying Sovereign in an all-stock transaction, then Santander taking control of the new entity and buying a 22.5% stake in M&T owned by Allied Irish Banks.


M&T shares rose $4.95, or +5.8%, in premarket trading Tuesday.

The Bottom Line
Shares of MTB have a 3.28% dividend yield, based on last night's closing stock price of $85.45. The shares are spiking this morning and with that, we see overhead resistance around the $90-$93 price levels.

M&T Bank Corporation ( MTB ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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