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Wells Fargo & Co. is beginning to see the benefits of its strategic expansion on Wall Street, according to Vice Chairman Doug Braunstein. He highlighted the bank's role in Quikrete Holdings Inc.'s acquisition of Summit Materials Inc. and emphasized ongoing efforts to strengthen its position in the market next year.
Dealmaking surged on Monday with approximately $35 billion in mergers and acquisitions, signaling a post-US election boost. The most significant deal involved Quikrete Holdings Inc. agreeing to acquire Summit Materials Inc. for about $11.5 billion, aiming to expand its presence in the US building materials market.
Quikrete Holdings Inc. has secured a $9.2 billion debt package to finance its acquisition of Summit Materials Inc., marking a significant return of large-scale buyouts. This financing, one of the largest since the Federal Reserve began raising interest rates in 2022, includes up to $6.7 billion in bridge financing from Wells Fargo & Co.
Quikrete Holdings Inc. has initiated discussions for a potential takeover of Summit Materials Inc., according to sources familiar with the matter. The privately held building materials company is currently collaborating with advisers to formulate a bid for the Denver-based firm.
Quikrete Holdings Inc.
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Summit Materials, Inc.
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Charles W. Scharf
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23:05 25.11.2024
16:49 25.11.2024
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Quikrete Holdings Inc.
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USA
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16:13 25.11.2024
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