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Charles Schwab to buy TD Ameritrade

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Market summary:

Maltese market closed in the red on Thursday, with the MSE total index ending the session 0.172% lower to 8,332.330 points. The best performer was Simonds Farsons Cisk plc jumping 1.86% to close at 8.20. Malta International Airport plc closed at 5.90 by adding 1.72%, while GO plc added 0.56% to close at 3.60. The biggest fall of 4.29% was seen from Medserv plc, closing at 0.6, followed by Bank of Valletta plc and MIDI plc, both dropped 2.88% and 2.44% to close at 1.01 and 0.40 respectively.

European stocks dipped on Thursday but finished off their lows of the session after the European Central Bank surprised markets with a larger-than-expected increase in its bond buying program against the pandemic, known as PEPP. By the end of trading, the German Dax was down by 0.24% to 12,459.35, alongside a 0.04% dip for the French Cac-40 to 5,020.69, while the FTSE Mibtel was up by 0.24% at 19,689.07.

Wall Street stocks closed mostly lower on Thursday after the Labor Department published some more disappointing unemployment claims data. At the close, the Dow Jones Industrial Average was up 0.05% at 26,281.82, while the S&P 500 was 0.34% softer at 3,112.35 and the Nasdaq Composite saw out the session 0.69% at 9,615.81.

Charles Schwab gets U.S. DOJ approval for TD Ameritrade buy

Charles Schwab Corp said on Thursday it has received antitrust approval from the U.S. Department of Justice for its purchase of TD Ameritrade Holding Corp.

Ameritrade shares climbed 8.7%, while those of Charles Schwab rose 5.4% before the bell.

Charles Schwab last November agreed to buy TD Ameritrade in an all-stock deal valued at $26 billion at that time. The merger could create a brokerage giant in a market that has been ravaged by price wars.

The companies expect the deal to close in the second half of the year, and anticipate the integration to be completed between 18 and 36 months following the close.

This article was issued by Nadiia Grech, Junior Trader at Calamatta Cuschieri. For more information visit, https://cc.com.mt/. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.