Fred Business News - Bank of New York Co. agreed Monday to buy Mellon Financial Corp., one of the most storied names in American finance, for $16.5 billion, creating a powerhouse in securities servicing and asset management.

Bank of New York stockholders will get 0.9434 of a share, and Mellon stockholders will get one share for each of their shares in the new company, which will be called Bank of New York Mellon Corp. Following the merger, Bank of New York will own 63 percent of the combined company ...   more »