G.E. to Buy Several Merrill Financing Businesses |
| New York Times - Dec 24, 2007 |
Merrill Lynch, in an effort to raise cash amid mounting mortgage losses, agreed Monday to sell the majority of its capital finance business to General Electric for an undisclosed amount.
The deal will allow Merrill to reallocate about $1.3 billion of capital into other parts of its business, John A. Thain, the investment bank’s chief executive, said in a statement. Merrill, which has already announced billions of dollars in write-downs, is expected to announce a second consecutive quarterly loss next month.
Reports last week said that the investment bank was seeking up to a $5 billion capital injection from Temasek, the Singapore government’s sovereign wealth fund. If it secures such financing, Merrill would be following in the footsteps of rivals like Morgan Stanley, Citigroup and UBS.
Read Full Article from New York Times
- Posted: 2007-12-24 11:01:06
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