And the beat goes on...
A few weeks ago MS and GS were the strong stand out untarnished by the problems of the other troubled investment banks and now...
Morgan Stanley Said to Be in Talks to Sell Stake to China's CIC
By Christine Harper
Sept. 18 (Bloomberg) -- Morgan Stanley, the second-biggest U.S. securities firm, is considering selling a larger stake to China Investment Corp. and is in talks about a possible merger with Wachovia Corp., said a person familiar with the matter.
China Investment Corp., the state-controlled investment fund, bought a 9.9 percent stake in Morgan Stanley in December after the New York-based investment bank reported a quarterly loss. The Chinese fund could buy as much as 49 percent of Morgan Stanley, said the person, who declined to be identified because the talks aren't public and may end in no agreement.
John Mack, Morgan Stanley's chief executive officer, got a call from Wachovia yesterday indicating interest, said a person with knowledge of the matter. Talks about a deal with Wachovia have ``advanced,'' CNBC reported.
The New York-based firm is also seeking ways to limit short sales of its stock, the person said.
Morgan Stanley's shares slid for an eighth consecutive day, down $1.84, or 8.5 percent, to $19.91 in New York Stock Exchange composite trading at 9:52 a.m.
To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net.
Last Updated: September 18, 2008 09:53 EDT
bloomberg.com |
