Regulators approve Desjardins-Western Financial deal

Desjardins Financial Group through its wholly-owned subsidiary, Desjardins Financial Corporation Inc. and Western Financial Group Inc. today announced that the proposed acquisition by Desjardins of Western has been approved by the Minister of Finance of Canada and the Canadian Competition Bureau.

Desjardins satisfied all regulatory conditions of the acquisition of all of the issued and outstanding common shares, First Preferred Shares, Series Three and First Preferred Shares, Series Four of Western.

Desjardins notes that the Board of Directors of Western has recommended that holders of its common shares tender to the common share offer and encourages shareholders to do so in advance of the expiry date on April 15, 2011.

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