ASEAN KEY DESTINATIONS
Temasek gets US nod to raise Merrill stake
Singapore's Temasek Holdings has received U.S. antitrust approval to raise its stake in Merrill Lynch to as much as 14 percent, Reuters quoted a report from Bloomberg which
did not cite any sources.
The sovereign wealth fund, Merrill's largest shareholder, has a 9.4 percent stake in the U.S. investment bank.
Temasek has invested about $5 billion in Merrill since Dec 24 after Chief Executive John Thain, 53, replaced Stan O'Neal, who was ousted following the firm's biggest quarterly
loss in its 93-year history.
Merrill's writedowns are about 10 percent of the total credit losses incurred by banks in the subprime meltdown, the news agency said.
Temasek, wholly owned by Singapore's finance ministry, has been increasing investments in global financial services companies to take advantage of a stock
market slump that erased about $10 trillion in market value in the past year.
Temasek is also the biggest shareholder of London-based Standard Chartered Plc and Singapore's DBS Group Holdings Ltd.