PNC Financial Strikes Deal for Riggs National
From Associated Press
Salvaging a deal that had appeared dead this week, PNC Financial Services Group Inc. struck an agreement to pay about $642 million in cash and stock for Riggs National Corp., an old-line Washington institution that ran into legal trouble over suspicious financial transactions.
PNC said that it had agreed to pay $20 a share for Riggs, $4.25 less than the price announced in the summer before Riggs ran into regulatory trouble.
