DealBook Blog: Morgan Stanley to Sell Stake to China Amid Loss
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The bank said it would sell a $5 billion stake to Chinaâs sovereign wealth fund as it posted a loss after taking a new $5.7 billion write-down related to mortgages.
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Merrill Lynch confirms that it has sold shares worth $4.4bn (Â£2.2bn) to the Singapore's investment arm.
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Chinese e-commerce company Alibaba.com is making final preparations for an initial public offering of shares on the Hong Kong stock exchange, set for Nov. 6. But most of the proceeds will go to existing shareholders rather than into the company&#39;s coffers to fund future acquisitions and other plans.Alibaba&#39;s prospectus said the listing price would be set within a range between HK$12 (US$1.55) to HK$13.50 per share. While the final pricing has not yet been announced, Dow Jones Newswires reported that the listing price had been set at the very top of that range.Nearly 859 million shares -- accounting for 17 percent of Alibaba&#39;s shares -- will be offered during the IPO, including 227 million shares owned by the company. The balance of the shares on offer are held by existing shareholders.&#160;The IPO&#160;attracted US$150 billion in orders from institutional investors and HK$453 billion in orders from individuals, making it &quot;the biggest offering in Hong Kong&#39;s IPO history,&quot; according to the Dow Jones report.Out of the HK$11.6 billion expected to be raised during the IPO about HK$3 billion (US$387 million) will go to Alibaba, which plans to use most of the money for acquisitions and to develop new technologies.Alibaba is one of China&#39;s oldest and most successful Internet companies, running a business-to-business trading portal under the Alibaba.com name, an online payment service, and China&#39;s most popular auction site, called Taobao.com. But while other Chinese Internet companies cashed in on investor enthusiasm for Internet stocks and China&#39;s growing market with listings in Hong Kong and New York, Alibaba -- which generated 73 percent of its revenue from outside China during the first half of 2007 -- remained privately held.A 2005 deal with Yahoo took some pressure off Alibaba to go public.&#160;Yahoo invested US$1 billion in Alibaba&#160;in return for a 40 percent stake in the company, and transferred control of its Chinese operations to Alibaba. Approximately $750 million of the proceeds from that deal went to shareholders, allowing early investors in the company to take a return on their investments.Yahoo&#39;s investment in Alibaba will likely increase, with the company expected to invest a further US$100 million through the IPO.&#160;
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Morgan Stanley follows Lehman Brothers' lead and reports a small fall in three-month profits.
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By Bradley Keoun  Morgan Stanley reported record third-quarter profit Wednesday as earnings from investment banking, brokerage services and credit cards, along with reduced compensation costs, helped the chief executive, John Mack, provide the biggest stock gains on Wall Street.
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Morgan Stanley said it will close its business in Britain that issues home loans and significantly curb its mortgage business in the United States.
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Brokerage announces large Q4 loss and turns to China for capital.
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US investment bank Morgan Stanley is to sell off its credit card unit, Discover after posting better than expected results.
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Morgan Stanley  on Wednesday  said its third-quarter earnings fell, reflecting damage caused  by the broad sell-off in mortgage and corporate loan markets  this summer, though revenue rose on strong investment banking  and stock trading.
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About 1,000 jobs will go at Morgan Stanley as the US bank cuts back its home lending business.
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U.S. investment bank Morgan Stanley on  Wednesday said quarterly profit fell amid reduced trading  revenue, reflecting the impact of sluggish markets this summer.
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U.S. investment bank Morgan Stanley  denied a newspaper report on Saturday which said it was putting its Indian business process outsourcing (BPO) operation, Morgan Stanley Advantage Services Pvt Ltd (MSAS), up for sale.
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The Blackstone Group will price its initial offering tomorrow night, according to the Web site of Morgan Stanley.
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Morgan Stanley has sold its 7.2 percent stake in The New York Times Co. , people close to the matter said yesterday, marking the end of a bitter fight between one of the bank's asset managers and the company.
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Morgan Stanley unveils a $9.4bn write-down and sells a $5bn stake to a Chinese sovereign wealth fund.
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NEW YORK, Sept. 22 -- A surge in oil prices and a disappointing earnings report from Morgan Stanley were cited as factors in significant stock market losses Wednesday.
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Morgan Stanley  said on Monday  it has acquired China's Nan Tung Bank, a deal that would give  the Wall Street giant a coveted onshore commercial banking  license in China ahead of U.S. investment bank rivals.