Capital One to Pay $5 Billion for Hibernia

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Capital One Financial Corp. said Wednesday it renegotiated its purchase price for New Orleans-based bank Hibernia Corp. in light of the effects of Hurricane Katrina, and will now acquire the company for $5 billion in stock and cash.


The new purchase price represents a 9 percent reduction in value from Capital One’s prior bid of $5.3 billion. The companies now expect the transaction to close in the fourth quarter.


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