Japanese Bank to Buy Stake in Morgan Stanley
As part of a strategic alliance, Japan's largest bank, Mitsubishi UFJ Financial Group (MUFG), announced today that it planned to take a stake of up to one-fifth in U.S. investment bank Morgan Stanley.
In its statement it would buy 10-20 percent of the common stock of Morgan Stanley. The bank said it would decide on the amount it would pay after carrying out due diligence. Buying 20 percent of Morgan Stanley would cost MUFG about $6 billion based on its total market value of $30 billion.
Published on September 22, 2008
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