MUFG: To Lift Morgan Stanley Stock Acquisition To $705 Million
May 12 2009 - 8:50PM
Dow Jones News
Mitsubishi UFJ Financial Group Inc. (8306.TO) said Wednesday
that it will lift its purchase of Morgan Stanley (MS) common stock
to $705 million from $600 million, ensuring the U.S. firm's
position as an equity-method affiliate.
Noting that its stake will likely be over 20% once the
transaction is completed, the Japanese bank said in a statement it
now plans to buy 29.37 million shares for $24 apiece.
Mitsubishi also moved its common stock purchase plan to May 22
from May 13.
The move comes after Morgan Stanley on Tuesday filed a
prospectus with the U.S. Securities and Exchange Commission to sell
168.4 million common shares to strengthen its capital resources by
increasing its Tier 1 common equity.
-By Shawn Schroter, Dow Jones Newswires; 813-6895-7550;
shawn.schroter@dowjones.com