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
Temasek raises stake in Merrill Lynch
NEW YORK (Reuters) - Singapore's Temasek Holdings TEM.UL has increased its stake in Merrill Lynch & Co Inc MER.N to 13.7 percent from 9.4 percent, according to a U.S. regulatory filing.
The sovereign wealth fund is Merrill's largest shareholder. Bloomberg News reported earlier this month that Temasek had been granted regulatory approval to increase its stake.
Bank of America Corp (BAC.N) announced on September 15 that it would buy Merrill Lynch in an all-stock deal expected to close in the 2009 first quarter.
On Monday, Bank of America shares closed at $30.25, valuing Merrill Lynch shares at just under $26, above the $23 to $24 a share Temasek paid for the bulk of its investment in Merrill at the end of last year.
Merrill shares closed down 19 percent on Monday at $22.
(Reporting by Elinor Comlay; editing by John Wallace)
