Merrill to stay in relationship
Published Date:
03 July 2008
RUMOUR OF THE DAY
INVESTMENT bank Merrill Lynch will keep its strategic relationship with BlackRock, whether or not the bank were to sell its stake in the asset management company, a person close to Merrill has claimed.
The relationship helps Merrill's retail brokerage business, the person said.
US-based Merrill, which said last month it would consider selling its stake in BlackRock if it needed capital, declined to comment.
Reports yesterday said that Merrill had no real alternative other than to sell the stake as its other options for raising capital to tackle writedowns were looking tougher to achieve. Analysts also warned the chances look remote for a quick sale of its other major investment, a 20 per cent stake in news and financial data company Bloomberg.
The full article contains 132 words and appears in The Scotsman newspaper.
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Last Updated:
02 July 2008 9:15 PM
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Source:
The Scotsman
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Location:
Edinburgh
