The Standard
7 Jul 2008
Merrill Lynch and UBS, fresh from raising a combined US$47.3 billion (HK$368.94 billion) after posting losses on subprime investments, are using their capital to help rivals find cash.
Merrill and UBS joined Goldman Sachs Group in arranging a 12.3 billion (HK$190.71 billion) rights offering by Royal Bank of Scotland Group, the biggest European share sale to existing investors. A 31 percent drop in Royal Bank of Scotland's stock price pushed the underwriters to within 20 pence of having to buy the shares.
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