Morgan Stanley and Mitsubishi will sign on Oct 14

Mitsubishi UF J Financial Group Inc.’s Japans largest bank deal to buy a 24.9 percent slice of Morgan Stanley is to go through on October 14 the Japanese bank announced on early Wednesday.

As rumours spread on Tuesday that Mitsubishi would pull out of the deal which affected Morgan Stanley shares drastically tumbling down 24.9 percent or $5.85 to $17.65 and at some stages during trade on Tuesday falling as low as $14.13, Morgan Stanley had to make a quick announcement on Tuesday stating that the deal was still going ahead and coming to a close, Mitsubishi’s announcement on Wednesday reiterated the fact.

In pre-market trading Wednesday, Morgan Stanley shares came back rising 3.4 percent to $18.25.
Both Morgan Stanley and Goldman Sachs Group were given permission by the government to convert to bank holding companies. They were the only stand alone banks left after the catastrophic happening of Wall Street in September.

Read the full article: boston.com

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