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Japan’s Mitsubishi UFJ Takes 21% Stake in Morgan Stanley as Spain’s Santander Moves on Sovereign
Morgan Stanley (MS) announced yesterday (Monday) that it closed its long-awaited deal with Mitsubishi UFJ Financial Group (ADR: MTU), giving Japan’s largest financial group a 21% stake in the beleaguered U.S. investment bank.
Meanwhile, Sovereign Bancorp Inc. (SOV) confirmed last night that it has agreed to be bought out by Spain’s Banco Santander SA (ADR: STD) with regards to a possible buyout.
Mitsubishi UFJ first announced its intention to acquire a stake in Morgan Stanley on Sept. 22, but shares of the investment bank fell 60% last week as credit market turmoil and investor panic gripped the markets, putting the deal in…
14Oct2008 | Money Morning | Comments Off | Continued
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