Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Thursday, January 10, 2008

Citi, Merrill Will Get Billions More from SWFs

Both Citigroup and Merrill Lynch are seeking additional capital from investors, principally sovereign wealth funds (SWFs).  Merrill is expected to raise $3-4 billion, mostly from a middle eastern SWF, and Citigroup is expected to get $10 billion from SWFs.  Foreign governments have already invested about $27 billion in major investment banks.  Will the size of these additional capital infusions result in political or shareholder backlash?  The goal, says a lobbyist who has shepherded foreign investments through Congressional scrutiny, is to get a B6 story in the Wall St. Journal and have no one mention it.  WSJ, Citigroup, Merrill Seek More Foreign Capital.

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