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Merrill raises $6.2 billion in slew of deals
Monday, December 24, 2007

December 24 2007: 11:45 AM EST

NEW YORK (CNNMoney.com) -- Merrill Lynch announced three deals Monday which will allow the beleaguered bank to raise much needed cash as its new CEO John Thain tries to save the company from the huge losses it incurred after the mortgage market meltdown.

The company said it will raise as much as $6.2 billion by selling stakes to two investment firms.

Singapore-based financial firm Temasek Holdings will buy $4.4 billion of common stock, and has the option to purchase an additional $600 million by March 28, 2008, Merrill said.

In the same announcement Merrill Lynch said that Davis Selected Advisors, a U.S based investment firm, will purchase $1.2 billion in Merrill common equity.

The firms will not have a controlling stake in the company, Merrill said and the deals are expected to close in mid-January.

Also on Monday, Merrill said that GE Capital, the financial unit of General Electric (GE, Fortune 500), would buy the bulk of operations from the company's financial arm: Merrill Lynch Capital, but terms of that deal were not disclosed.

Merrill Lynch & Co.'s (MER, Fortune 500) stock jumped 5 percent in early New York trade.

The investments come as welcome news to the firm, which suffered a record loss in the third quarter related to the subprime crisis.

John Thain, former Chief Executive of the New York Stock Exchange took over took the reins at Merrill after the company's CEO Stan O'Neal resigned in October.

CNNMoney.com


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