Bank of Montreal buys US bank for $4.1 bn

TORONTO: The Bank of Montreal is acquiring Marshall & Ilsley Corp. for $4.1 billion in stock.

The bank says in an announcement Friday that it has signed a definitive agreement with the Wisconsin-based bank under which it will exchange 0.1257 shares of Bank of Montreal for each share of M&I.

The Bank of Montreal says the transaction has been approved by the boards of both banks and is expected to close before July 31.