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Sunday, April 20, 2008

Report: National City Close to $6 Billion Cash Infusion

by Calculated Risk on 4/20/2008 09:23:00 PM

The WSJ reports: NatCity Close To $6 Billion Cash Infusion

National City Corp was closing in Sunday night on a capital infusion of more than $6 billion from a private-equity firm and a number of large shareholders ...

The plan calls for the investors to pay about $5 a share ... In 4 p.m. New York Stock Exchange composite trading Friday, National City shares fell 16 cents to $8.33.
Hey, that is only 40% below market. Ouch.