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Royal Bank of Canada to Buy City National for $5.4 Billion

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Royal Bank of Canada agreed to buy City National Corp., the Los Angeles-based banker to the stars, for about $5.4 billion in its biggest takeover ever to expand sales to wealthy U.S. residents.

Royal Bank will pay about $93.80 per share in cash and stock for City National, or 26 percent more than Wednesday’s closing price, the Toronto-based lender said in a statement. Canada’s second-biggest lender by assets will pay about $47.25 in cash and 0.7489 of a share for each of City National’s shares.