By Colin Kellaher

Toronto-Dominion Bank (TD.T, TD) will hold a roughly 13% stake in Charles Schwab Corp. (SCHW) following Schwab's $26 billion all-stock acquisition of TD Ameritrade Holding Corp. (AMTD), Schwab said Monday.

The Toronto financial-services company, which currently owns a 43% interest in TD Ameritrade, will also have the right to name two directors to the Schwab board.

However, Schwab said Toronto-Dominion's voting stake will be capped at 9.9%, with the balance of its position held in a new, non-voting class of common stock.

TD Ameritrade's other shareholders will own about 18% of the combined company, while existing Schwab holders will own about 69%, Schwab said.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 25, 2019 06:45 ET (11:45 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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