Littlespeck, 15 Sep 2008, Seah Chiang Nee
In a rushed bid to ride out the storm sweeping American finance, 94-year-old Merrill Lynch agreed late last night to sell itself to Bank of America Corp. for roughly $44b, reports Wall Street Journal. (all in US dollars)
The deal, at $29 a share, will produce a windfall of about $5 a share for Temasek Holdings, which owns 9 per cent of the bank (cost $24) - or about $1b, according to CNBC.
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