Financial stocks were narrowly mixed shortly before the closing
bell with the NYSE Financial Sector Index sinking about 0.1% while
the S&P Financial 100 Index was up about 0.1%.
In company news, shares of Kite Realty Group Trust (
) were up nearly 4% this afternoon after the real estate investment
trust announced plans to merge with Inland Diversified Real Estate
Trust in a stock swap valued at around $2.1 billion.
The deal expands DRG's footprint in the New York tri-state
region, boosting its holdings of retail properties as well as
establishing it in the Las Vegas market for the first time.
Inland shareholders will receive between 1.65 to 1.75 KRG shares
in exchange for each share of the privately held trust they now
own. The deal is expected to close in Q2 or Q3.
Shares recently were up 3.7% at $6.38 each, just 2 cents off its
session high. The stock has a 52-week range of $5.27 to $6.91 a
In other sector news,
(+) CNA, Sells its life and group insurance business to Wilton
Re Holdings Ltd. for around $615 million. Also reports Q4 net
income of $0.82 per share, reversing a $0.03 loss during the
year-ago quarter but still trailing the $0.88 Capital IQ
(-) NATL, Agrees to issue a recommendation to shareholders by
Feb. 19 on a $28-a-share tender offer by American Financial Group (
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