The Japanese megabank Mitsubishi UFJ Financial Group announced on Monday that it will purchase between 10 and 20 percent of the shares of the troubled American banking giant Morgan Stanley.
"MUFG will acquire between 10 and 20 percent of Morgan Stanley’s common stock based on their book value," stated the announcement from the Japanese bank, the largest in the world by assets. Morgan Stanley is attempting to extricate itself from difficulties by partnering with another bank, amid tectonic shifts on Wall Street, severely shaken by the subprime mortgage crisis. (H)
