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The first Boeing 787 Dreamliner sits on the assembly line at the company's Everett plant in Washington in this May 19, 2008 file photo. REUTERS/Robert Sorbo/Files

Aerospace and Defense

Defense budgets are not declining as sharply as some had feared, but companies are scrambling to ensure continued earnings growth. Get exclusive insight into the defense sector from the Reuters Aerospace and Defense Summit.  Full Coverage 

    Fed give OK to Mitsubishi, Morgan Stanley deal

    WASHINGTON
    Mon Oct 6, 2008 6:11pm EDT

    Stocks

       
    Pedestrians walk past a signboard of a Mitsubishi UFJ Financial Group (MUFG) securities branch in Tokyo, September 23, 2008. REUTERS/Issei Kato

    WASHINGTON (Reuters) - The Federal Reserve on Monday gave its approval for Mitsubishi UFJ Financial Group, Inc. (8306.T) to acquire up to 24.9 percent of the voting shares of Morgan Stanley (MS.N).

    Mitsubishi UFJ last week agreed to buy a 21 percent stake in Morgan Stanley for $9 billion, giving the U.S. firm a much-needed capital injection.

    The two firms have agreed to a "strategic alliance", details of which are still being hammered out.

    (Reporting by Patrick Rucker)


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