The companies now have little geographic overlap.
Because the banks do not have much geographic overlap, regulatory and antitrust issues are not expected to pose significant problems.
SunTrust Banks, based in Atlanta, would be the best suitor because of the geographic overlap, analysts said.
Combining Iberdrola with Scottish Power will achieve very few cost savings as there is no other geographic overlap.
There is clearly an opportunity for valuation creation when considering the current limited geographic overlap of the two businesses and the likely significant cost synergies that would be available as a starting point.
Rank had hoped the deal, which had been approved by its biggest shareholder Hong Kong investment firm Guoco Group with 74.5%, would go through smoothly because Gala had little geographic overlap with its sites.
"I have to program against K-Rock," said Gary Cee, program director of WLIR, which transmits from Garden City and has a large geographic overlap with Manhattan-based K-Rock.
"With little geographic overlap between the two companies, it is of little surprise the deal has been agreed, and the deal will also have limited antitrust issues," said Jeremy Cunnington, an analyst with the research firm Euromonitor International.
They say the combination of the two banks, which have very little geographic overlap, will create what the two companies bill as the nation's most extensive banking network for consumers, with 5,700 branches and 16,500 ATM's.
Rivals like Macy's and Kohl's have significant geographic overlap with Penney's stores and would most likely be interested in buying only pieces.
There is little geographic overlap between the two banks: Intesa's stamping ground is in the north, Capitalia's in the centre and the south.
