Skip to main content

Mitsubishi UFJ to Buy Morgan Stanley Stake

Mitsubishi UFJ said it would buy 10% to 20% of Morgan Stanley for an undisclosed price.
  • Author:
  • Publish date:

Updated from 9:22 a.m. EDT

Morgan Stanley

(MS) - Get Morgan Stanley Report

shares were up 3% Monday after Japan's

Mitsubishi UFJ

(MTU)

said that it would invest as much as 20% in the ailing investment bank.

In a company statement, Mitsubishi said it would acquire 10% to 20% of Morgan Stanley "as soon as practicable." The statement did not disclose a sale price of the stake, but said the agreement would allow it to appoint one director to Morgan Stanley's board.

Morgan Stanley had been talking with

Scroll to Continue

TheStreet Recommends

Wachovia

(WB) - Get Weibo Corporation Report

about a possible merger last week, but those talks have since cooled, according to reports.

Cramer: Goldman, Morgan Better Off

var config = new Array(); config<BRACKET>"videoId"</BRACKET> = 1811349290; config<BRACKET>"playerTag"</BRACKET> = "TSCM Embedded Video Player"; config<BRACKET>"autoStart"</BRACKET> = false; config<BRACKET>"preloadBackColor"</BRACKET> = "#FFFFFF"; config<BRACKET>"useOverlayMenu"</BRACKET> = "false"; config<BRACKET>"width"</BRACKET> = 265; config<BRACKET>"height"</BRACKET> = 255; config<BRACKET>"playerId"</BRACKET> = 1243645856; createExperience(config, 8);

Mitsubishi last month scooped up the remaining 35% of

UnionBanCal

(UB)

it didn't already own for $3.5 billion.

Morgan Stanley shares were recently up 79 cents at $28. Earlier the stock had a double-digit gain before pulling back.

This article was written by a staff member of TheStreet.com.