CIT Group Inc. said Thursday that it would buy Newcourt Credit Group Inc., Toronto, for $2.7 billion of stock, one-third less than it originally offered.

CIT, the No. 4 commercial finance company, agreed to pay 0.7 share for each of Newcourt's. This valued the Canadian company, North America's second-largest business lender, at $18.24 a share.

The original offer from CIT was delayed after Newcourt reported lower- than-expected first-quarter results in May. Its shares had declined 41% since March.

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