Merrill Scores Big Investment

Merrill Lynch (MER Quote) is looking to overseas investors to help the securities firm stabilize its operations, saying Tuesday that it will sell $6.6 billion of preferred stock, mostly to buyers from abroad.

In a press release, Merrill said it will issue mandatory convertible preferred shares in private placements, primarily to the Korean Investment Corporation, the Kuwait Investment Authority and Mizuho Corporate Bank.

TPG-Axon Capital, the New Jersey Division of Investment, the Olayan Group and T. Rowe Price, on behalf of various clients, are also purchasing some of the Merrill preferred. ...