Canada’s Toronto-Dominion Bank Group on Thursday called off its $13.4 billion takeover of First Horizon Corp., triggering a near 40 percent fall in the U.S. regional bank’s shares.
First Horizon and TD said in a statement they had mutually decided to end the deal because there was no clarity on when they would get regulatory approvals. TD will pay $200 million to First Horizon, in addition to a $25 million fee reimbursement.
TD’s biggest deal to date, which it launched more than a year ago, had faced months of regulatory uncertainty and Canada’s No. 2 lender came under pressure from some investors to scrap the purchase after the U.S. regional banking crisis….