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Capital One's proposed purchase of Discover Financial is expected to face pushback from regulators, who are already being pressured by lawmakers to block the deal.
Discover Financial Services or Capital One Financial will pay a termination fee of $1.38 billion if the merger of the firms falls through under any circumstance, a regulatory filing showed on Thursday.
Capitol One agreed to purchase rival credit card player Discover for $35.3 billion.
This week's announcement that Capital One COF plans to acquire Discover caused much debate about what this potential union could mean for consumers. This is a very important issue that needs to be explored carefully.
Capital One Financial (COF) has announced a $35 billion all-stock deal to acquire Discover Financial Services (DFS) while keeping the Discover brand. There have been calls for US regulators to step in, most notably by Senator Elizabeth Warren (D-MA).Yahoo Finance Reporters David Hollerith and Alexis Keenan join the Live show to break down how US regulators could get in the way of the Capital One-Discover merger.
What's in your wallet? In the not-so-distant future, it might be a card issued by the combined entity of Capital One Financial Corp. NYSE: COF and Discover Financial Services NYSE: DFS.
Capital One is betting that owning a global payments network protects it against a rising tide of fintech and regulatory threats.
Capital One's chances of getting its $35.3 billion deal for Discover Financial past regulators hinge on the bank showing it can disrupt the close-knit U.S. credit card industry, five experts in corporate law interviewed by Reuters said.
Discover Financial Services (DFS) shares surged over 12% Tuesday after Capital One (COF) announced it will acquire Discover in a $35.3 billion deal. If approved, Capital One's acquisition of Discover would be the fifth-largest deal ever between U.S. banks in mergers and acquisitions (M&A) history.
The proposed $35.3 billion merger of Capital One (COF) and Discover Financial (DSF) stands to shake up the competitive landscape in the U.S. credit card market.