Why PNC May Use a Different M&A Playbook Than It Did During the Great Recession
In 2008, amid the Great Recession, PNC Financial Services Group (NYSE: PNC) acquired National City Corp. in a deal that valued National City at $7 billion less than its tangible book value, according to The Wall Street Journal . The deal is considered to be a success by many, and PNC's CEO Bill Demchak even said on an earnings call last July, well before the novel coronavirus pandemic hit, that he would love to do another deal just like it if it was out there .
But while PNC has made it very clear it's looking to purchase another bank by selling its 22.4% ownership stake in global asset management firm BlackRock (NYSE: BLK), it likely will not pounce as quickly as it did during the Great Recession.
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Source Fool.com
