OTTAWA (dpa-AFX) - TD Bank Group (TD, TD.TO) said that it has sold 28.40 million shares of non-voting common stock of The Charles Schwab Corp., with 15.03 million shares being sold to Schwab pursuant to a repurchase agreement with pricing determined by the price obtained in a sale of 13.37 million shares being sold at the same price to a broker dealer.
In connection with such sales, all such shares automatically convert into shares of Schwab voting common stock the shares acquired by Schwab will no longer be outstanding.
The shares sold represent approximately 1.5% of Schwab's issued and outstanding common stock, reducing TD's ownership interest in Schwab from approximately 13.4% to 12.0%.
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