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Morgan Stanley 'in merger talks' | Morgan Stanley 'in merger talks' |
(about 1 hour later) | |
US investment bank Morgan Stanley is holding talks with possible suitors, reports say. | US investment bank Morgan Stanley is holding talks with possible suitors, reports say. |
The bank is currently in talks with Wachovia and China Investment, about a takeover or investment opportunity, according to Reuters. | The bank is currently in talks with Wachovia and China Investment, about a takeover or investment opportunity, according to Reuters. |
Shares in the group have taken a battering in recent days amid concerns about the effect of the credit crisis. | Shares in the group have taken a battering in recent days amid concerns about the effect of the credit crisis. |
Recent dramatic changes in the world markets may mean more consolidation in the banking sector, analysts have said. | Recent dramatic changes in the world markets may mean more consolidation in the banking sector, analysts have said. |
In the US, banking giant Merrill Lynch agreed to be taken over by Bank of America in a $50bn deal earlier this week. | In the US, banking giant Merrill Lynch agreed to be taken over by Bank of America in a $50bn deal earlier this week. |
Meanwhile, in the UK, Lloyds TSB came to the rescue of HBOS, the country's leading mortgage lender amid concerns for its survival. | Meanwhile, in the UK, Lloyds TSB came to the rescue of HBOS, the country's leading mortgage lender amid concerns for its survival. |
Uncertain future | Uncertain future |
Traders now believe Morgan Stanley could follow suit after its shares plunged, over the past week. | Traders now believe Morgan Stanley could follow suit after its shares plunged, over the past week. |
News of a government rescue package to bail-out the stricken sector gave a Morgan Stanley's shares a boost on Friday, pushing them 26% higher to $28.44. | News of a government rescue package to bail-out the stricken sector gave a Morgan Stanley's shares a boost on Friday, pushing them 26% higher to $28.44. |
However, they remained 32% lower than their price two weeks ago. | |
Meanwhile analysts suggest Morgan's recovery and the government's rescue package have given the bank breathing room to consider its options. | Meanwhile analysts suggest Morgan's recovery and the government's rescue package have given the bank breathing room to consider its options. |
The recent credit crisis - sparked by sub-prime loans to high risk borrowers in the US - has spread through the financial system, leaving many big names unsure about their future. | The recent credit crisis - sparked by sub-prime loans to high risk borrowers in the US - has spread through the financial system, leaving many big names unsure about their future. |
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