Reuters, 17 Sep 2008, Kim Yeon-hee in SEOUL and Saeed Azhar in SINGAPORE
" Bank of America agreed on Monday to pay 0.8595 of its common stock for each Merrill share, valuing the U.S. investment bank at $50 billion, as credit market turmoil forced a wave of consolidation in the financial sector and prompted Lehman Brothers to file for bankrupcty protection.
"We don't know the terms at which we will be able to convert our shares into Bank of America," KIC Chief Executive Chin Youngwook told reporters, according to a media pool report.
"Technical things have not been decided. Temasek is also anxious to know," Chin said, referring to one of Singapore's two sovereign funds that also invested heavily in the U.S. investment bank."
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