Monday, December 24, 2007
Merrill Sells Up to $6.2 Billion in Stock
Merill Lynch is getting a much needed capital infusion by selling up to $6.2 billion in common stock at a discount price of $48 to two investors. An investment company owned by Singapore (Temasek Holdings) is purchasing $4.4 billion, with an option to purchase an additional $600 million, which would give it a 9.9% interest. The other investor ($1.2 billion) is money manager Davis Selected Advisors. WSJ, Merrill Lynch Cuts Deals With Temasek, GE as Firm Seeks to Shore Up Capital.