News Summary

Shares of PNC Financial Services Group Inc PNC fell about 0.5% after the company announced its plans to acquire RBC Bank (USA), the US retail banking subsidiary of Royal Bank of Canada RY, for $3.45 billion, or $112 million discount to tangible book value. PNC projects the deal to be accretive to earnings by 2013, or sooner depending on the amount paid in stock. The transaction has been approved by the boards of directors of both companies and is likely to close in March 2012. Shares of Silvercorp Metals Inc SVM gained about 1.2% after the company announced its plans to repurchase up to 5.7% of its outstanding shares from June 29, 2011 to June 28, 2012. SVM plans to acquire up to 10 million shares of its common stock over the next year. Shares of Harbin Electric Inc HRBN jumped more than 69% after the company agreed to be acquired for $24 per share in cash by Tech Full Electric Company Limited, a Cayman Islands company wholly owned indirectly by Mr. Tianfu Yang, HRBN's Chairman and Chief Executive Officer, and Tech Full Electric Acquisition Inc. HRBN shares closed at $8.39 on Friday. The merger is likely to close in the fourth quarter of this year.