The $26 billion all-stock deal has the OK of the boards from both companies; the administration says it will move on privatization without federal backing.
Toronto-Dominion Bank would end up with a smaller stake in a larger brokerage if Schwab and TD Ameritrade combined. But it could parlay that stake into funds for a U.S. bank acquisition.
Charles Schwab is buying TD Ameritrade for $26 billion, with a deal expected to be announced Thursday morning, Fox Business reports, citing unidentified people familiar with the situation.
The smooth and relatively short process should be encouraging to other big banks that are eyeing deals. But their window of opportunity may not last long.
