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Japanese bank to buy 20 pc stake in Morgan

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Associated Press Posted: Sep 23, 2008 at 0126 hrs IST
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New York: : Morgan Stanley has signed a letter of intent to sell up to 20 per cent of the company to Mitsubishi UFJ Financial Group. If the deal is completed, the price would be based on Morgan Stanley’s book value after Japan’s largest bank completes a due diligence review. The letter of intent signed by both banks is nonbinding. Based on the number of shares Morgan Stanley had outstanding as of June 30 and its midday trading price Monday, Morgan Stanley would raise more than $8 billion by selling new stock equal to 20 per cent of shares that would be outstanding after including Mitsubishi’s stake.


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