Canada's CIBC completes $5 billion PrivateBancorp buy
TORONTO Canadian Imperial Bank of Commerce has completed the $5 billion acquisition of Chicago-based PrivateBancorp , which will help it diversify from its domestic market, it said on Friday.
NEW YORK Simon Property Group (SPG.N), which on Wednesday offered to help bankroll General Growth Properties Inc (GGP.N) effort to emerge from bankruptcy as an independent company, remains "very interested" in buying the entire company, a source familiar with the situation said.
Simon also is reaching out to Fairholme Capital Management, and Pershing Square Capital as soon as Wednesday to co-invest with it in General Growth, the source said. It also planned to soon speak with investor Elliott Management.
If it is successful in becoming the General Growth-backed base bid, Simon would have more time to work out differences with General Growth regarding that company's concerns on antitrust issues that could result from an acquisition of the whole company.
(Reporting by Ilaina Jonas and Paritosh Bansal; Editing by Lisa Von Ahn)
Miner and trader Glencore on Friday hit back with an increased offer of $2.675 billion in cash to buy Australian coal assets from Rio Tinto that earlier this week said it was favoring a Chinese bid.