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Capital One acquires North Fork for $14.6 billion

13th Mar 2006, 23:39 GMT

NEW YORK - Capital One Financial Corp. has announced that it has agreed to buy North Fork Bancorp. Inc. in a deal worth $14.6 billion. The deal values North Fork at a 23 percent premium over Friday's closing price at $31.18 per share. The deal is expected to cement Capital One's footing in the New York market and reduce its dependence on credit cards.

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