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Fly News Breaks for November 2, 2015
FNFG, KEY
Nov 2, 2015 | 07:34 EDT
After KeyCorp (KEY) agreed to buy First Niagara (FNFG), Wells Fargo says KeyCorp is paying "a reasonable price." However, Wells believes that the deal will yield only modest near-term benefits for KeyCorp and creates significant total book value dilution. It keeps a Market Perform rating on KeyCorp.