Merrill Lynch has helped Allied Irish Banks (AIB) engineer a $3.1bn (€3.2bn) merger between its embattled US arm Allfirst Financial and a rival bank part-owned by legendary investor Warren Buffett.

Merrill provided a fairness opinion to the board of AIB. The Irish bank received financial advice from its own corporate finance arm.

AIB to sell Allfirst to bank held by Buffett

Michael Hoare

Allied Irish Banks

M&T Bank

Berkshire Hathaway

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