Morgan Stanley: possible merger to recover share price
Sep 17, 2008 | Comments 0
Morgan Stanley the U.S. investment bank is said to be deciding if it should merge with another bank or if it should stay independent in light of the recent volatility in the company’s share price the report was broadcast in CNBC on Wednesday.
Officials of Morgan Stanley who are unnamed and close to the source reported to CNBC that they were not in talks to merge late Tuesday, although Senior people at Morgan Stanley have admitted that they could be forced into seeking a merger partner due to the present stock price of the company.
Morgan Stanley shares have fallen 46 percent so far this year, and at close on Tuesday they were down 10.8 percent at $28.70.
Officials in Hong Kong for the U.S. Investment bank refused to comment on the report, although Calm Kelleher, Morgan Stanley’s Chief Financial Officer said in with an interview with Reuters on Tuesday that the number two U.S. investment bank remains confident in its broker-dealer model and dismissed the need to merge with a deposit-taking bank.
Read the full story at reuters
Filed Under: Business News