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Desjardins to Buy Western Financial for $439 Million

Desjardins Financial Group, Canada’s largest credit union, agreed to acquire Western Financial Group Inc. for C$443 million ($439 million) to expand in British Columbia and Alberta.

Desjardins, based in Levis, Quebec, will make a cash offer of C$4.15 per share for Western, the High River, Alberta-based insurer and provider of investment services, according to a joint statement. The offer is 69 percent higher than the closing price of Western’s shares yesterday.