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