Mitsubishi UFJ Financial Group Inc. said that it will acquire $705 million worth of Morgan Stanley common shares, bringing its stake in the US investment bank to over 20%. As Morgan Stanley will redeem its $705 million of non-convertible preferred shares, MUFG will not need to pay additional cash for the purchase.
With the rival Sumitomo Mitsui Financial Group acquiring Nikko CordialSecurities from Citi, MUFG intends to strengthen its investment banking business through enforcing a strategic alliance with Morgan Stanley.
May 13, 2009
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