Bank of America's buyout of Merrill Lynch approved by Federal Reserve

By Lisa Kerner

Charlotte, N.C., Nov. 26 - The Federal Reserve Board approved Bank of America Corp.'s proposed acquisition of Merrill Lynch & Co., Inc., according to a government statement.

In September, Bank of America agreed to buy Merrill Lynch in a $50 billion all-stock transaction.

The deal calls for Bank of America to exchange 0.8595 shares its common stock for each Merrill Lynch common share, it was previously reported.

Bank of America, a Charlotte, N.C.-based bank, expects the transaction to close in the first quarter of 2009, pending the approval of both companies' shareholders.

Merrill Lynch is a New York investment firm.

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