Related News

Home » Business » Finance

Mitsubishi UFJ prefers to keep common stock

JAPAN'S biggest bank, Mitsubishi UFJ Financial Group Inc, said yesterday that it will swap US$600 million of its preferred shares in Morgan Stanley for common stock to keep its voting rights stake of the United States bank above 20 percent.

Its purchase of 25 million shares is part of Morgan Stanley's new share offering announced on Friday after the US government called on 10 banks to raise more capital. Morgan Stanley faces a US$1.8 billion shortfall, the report said. The US bank said it will offer 167.9 million common shares for US$24 each to raise US$4 billion.

The deal will not need Mitsubishi UFJ to pay more cash. Instead, the US bank will buy back preferred shares MUFG bought last year in exchange for the new common stock.




 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend