Merger activity on both sides of the Atlantic sent stocks higher at opening. Capital One Financial agreed to acquire North Fork Bancorp in a cash and stock deal for $14.6 B, with about $5.2 B of the amount to be paid in cash. McClatchy agreed to acquire newspaper publisher Knight-Ridder in cash and stock for $6.5 B, including the assumption of $2 B in debt. In Europe, Merck KGaA made a hostile offer of $17.4 B for the German Schering AG in a bid rejected by the drugmaker. |
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