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BofA-Merrill deal cleared by regulators

October 16, 2008|From Times Wire Services

Federal antitrust regulators cleared Bank of America Corp.'s $34.9-billion purchase of Merrill Lynch & Co.

The deal, announced Sept. 15, is part of the rapid restructuring of the U.S. financial system amid the global credit crisis. Merrill Lynch agreed to be bought by Charlotte, N.C.-based Bank of America just days after rival investment bank Lehman Bros. Holdings Inc. filed for bankruptcy protection.

The Federal Trade Commission said antitrust regulators at the Justice Department had completed their review of the deal.

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