NEW YORK: Riggs National Corp said on Monday its merger with PNC Financial Services Group Inc has collapsed, after PNC slashed its US$779mil bid in the wake of a guilty plea by Riggs' banking unit to violating an anti-money laundering law.
Riggs sued PNC for unspecified damages, or an order requiring it to complete the merger on the original terms, after rejecting a new PNC bid that cut the purchase price by at least 17%. Riggs also said it was free to seek another buyer.
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