NEWS ALERT
from The Wall Street Journal
Jan. 15, 2008
Merrill Lynch reached agreements for investments totaling $6.6 billion from investors including Korea Investment Corp., Kuwait Investment Authority, and Japan's Mizuho Corporate Bank. Merrill is only the latest Wall Street firm to seek funding from big, well-capitalized sources overseas. Citigroup, Morgan Stanley, Bear Stearns and Switzerland's UBS have each received cash injections from foreign investors.
"One of my main priorities over the last several weeks has been to ensure Merrill Lynch's balance sheet is strong, and these transactions make certain that Merrill Lynch is well-capitalized," said Merrill CEO John Thain.
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