February 8, 2013 / 6:15 PM / 5 years ago

CORRECTED-Canada competition bureau OKs RBC purchase of Ally unit

(Corrects deal value to $4.1 billion from $14.1 billion)

OTTAWA, Feb 8 (Reuters) - Canada’s competition watchdog gave the green light on Friday to Royal Bank of Canada’s plans to buy the Canadian auto finance and deposit arm of Ally Financial Inc for $4.1 billion.

“The Bureau concluded that the proposed transaction was not likely to lead to a substantial lessening or prevention of competition for several reasons, including the fact that RBC’s post-transaction market shares in the relevant markets would be modest, and that there would be sufficient remaining competition,” the Competition Bureau said in a statement.

The deal is also subject to approvals by the finance ministry and the bank regulator, the bureau said. (Reporting by Louise Egan; Editing by Janet Guttsman)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below