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Wilmington Trust’s Half-Price Sale to M&T Ends du Pont Legacy

Wilmington Trust Corp., the 107-year-old du Pont family wealth manager that financed companies during the Great Depression, agreed to sell itself to M&T Bank Corp. for about half last week’s market value amid souring loans.

The bank, founded by entrepreneur and U.S. Senator T. Coleman du Pont in 1903, will be acquired for $351 million in a stock deal valuing its shares at $3.84 apiece, 46 percent less than last week’s closing price, the companies said yesterday.