When Banks Merge, Investors Tend to Lose

The Globe and Mail, Derek DeCloet, 26 April 2007It's about 7,500 kilometres from Toronto to Edinburgh, but for Bank of Montreal chief Bill Downe, it might as well be 70 million. His counterpart at the Royal Bank of Scotland, Fred Goodwin, is operating on a whole different planet now.The Scottish bank leads a group that yesterday bid $98.5-billion (U.S.) for the Dutch bank ABN Amro, topping an