Canadian financial group seeks to tap U.S. market

Canada’s TD Bank Financial Group is buying a controlling 51 percent stake in Maine-based Banknorth Group Inc. for $3.8 billion.

The announcement of the definitive agreement Thursday came only a day after the banks said they were discussing a possible transaction.

The deal, which is subject to shareholder and regulatory approval, is expected to close in February, officials said.

TD Bank officials said they were interested in the deal because it could serve as a springboard for the Canadian bank to grow in the United States.

Agriculture

Kansas City milk co-op subject of federal probe

The nation’s biggest dairy cooperative is under investigation by federal antitrust officials.

Last week, the U.S. Justice Department told Kansas City, Mo.-based Dairy Farmers of America Inc., that it was under investigation for “alleged anti-competitive conduct in the raw milk market,” said DFA spokeswoman Agnes Schafer.

Schafer said the Justice Department did not say what prompted the probe. Justice Department officials declined to comment.

Independent farmers said the probe was connected to the purchase of the Dairy Fresh Corp., a company based in Greensboro, Ala.

Investments

Kansas to net $337,000 from two settlements

Deutsche Bank Securities has agreed to pay $87.5 million to settle allegations that it issued stock research that was biased by its investment-banking business, regulators announced Thursday, as part of a crackdown on conflicts of interest on Wall Street.

A smaller investment firm, Thomas Weisel Partners, is paying $12.5 million in a similar settlement announced by the Securities and Exchange Commission, the New York Stock Exchange, the National Association of Securities Dealers and state securities regulators.

Kansas Securities Commissioner Chris Biggs said the state participated in the settlements and was scheduled to receive $337,500.