AIB prices shares in M&T

Allied Irish Bank is to sell its 22.4% stake in US bank M&T at a price of $77.50 (€55.4) per share, a discount of about 1.8% on the current share price.

AIB, which yesterday announced the sale of its stake in the New York-based bank, said it was to sell in a public offering some 26,700,000 "notes", each of which would be exchangeable for a share in the bank when the sale is concluded.