Merrill to base asset sales on second-quarter loss

Merrill Lynch & Co (MER.N: Quote, Profile, Research) will determine how much of its stakes in BlackRock Inc (BLK.N: Quote, Profile, Research) and Bloomberg LP to sell based on the size of its second-quarter loss, a person briefed on the matter said on Wednesday.

If analysts' current estimates of up to $6 billion of write-downs are accurate, Merrill could need to raise roughly $5 billion of capital, the person said.

The company could reach that level by selling the 20 percent stake in Bloomberg, which Merrill Chief Executive John Thain said last month could be worth $5 billion to $6 billion.

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- Posted: 2008-07-09 10:56:20

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