Financial Services Industry
Industry: Email Alert RSS FeedE*Trade ends merger talks with Toronto Dominion unit.
Financial News, January, 2004
E*Trade and Toronto Dominion Bank's US online brokerage unit broke off merger talks after the two financial-services concerns failed to agree on terms relating to control of the proposed combined entity.Toronto Dominion was negotiating for a 40% stake in E*Trade, based in Menlo Park, Calif., according to people familiar with the matter. In exchange, E*Trade would have received the US assets of Waterhouse, a deal that would have given E*Trade, one of the world's largest online brokerage houses, even more heft.
The companies became stuck over terms relating to control of the entity, according to people familiar with the discussions. As a potential large investor in the combined entity, Toronto Dominion sought certain assurances about its rights. Such combinations...
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