(October 25 – 11:15 ET) – The
Canadian Secretary of State of
International Financial
Institutions has approved the
application for CIT Group
to acquire all of the outstanding
voting shares of Newcourt Credit
Group Inc.
The acquisition is expected to
close in the fourth quarter 1999
and still requires shareholder
approval. Shareholder meetings
for both CIT and Newcourt are
scheduled for October 26, 1999.
On August 5, 1999, the two
companies announced that they had
signed a definitive agreement under
which CIT would acquire Newcourt
in an exchange of .70 share of CIT
stock for each share of Newcourt.
The combination of these two
companies will create the largest
publicly owned commercial finance company in the
industry.
The CIT Group, Inc. announced record third quarter net income of $96.9 million, up from $86.1 million for the same period of 1998. Nine-month earnings totaled a record $285.1 million, up from $251.5 million in 1998.
Earnings per diluted share for the third quarter of 1999 were $.60, up 13.2% from $.53 for the third quarter of last year. Nine-month earnings per diluted share increased 14.3% to $1.76 from $1.54.
-IE Staff
For more please see: