China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
Merrill considers Bloomberg, BlackRock sales: report
(Reuters) - Merrill Lynch & Co MER.N is moving closer to selling stakes in financial firm BlackRock Inc (BLK.N) and information provider Bloomberg LP in an effort to raise cash to make up for $6 billion in coming write-downs, the Wall Street Journal said Monday citing people familiar with the matter.
Merrill is likely to seek about $5 billion for its 20 percent stake in Bloomberg, a price lower than it might fetch in the open market, the paper said.
Bloomberg's right of first refusal over the stake sale could make it difficult to attract rival buyers, according to the paper.
Merrill is also likely to sit down this week with top officials from BlackRock, believed to be worth $12 billion, in which it owns 49 percent, the paper said.
If Merrill proceeds with a sale, it is likely that it will sell only part of its interest and try to maintain a strategic alliance with the firm, the people told the paper.
Merrill cannot sell its BlackRock stake before 2009 without the agreement of BlackRock's board, a condition ironed out when Merrill bought the stake in 2006 for $9.8 billion, the paper said.
Merrill, BlackRock and Bloomberg could not be immediately reached for comment.
(Reporting by Ajay Kamalakaran in Bangalore; Editing by Quentin Bryar)
