July 25, 2008 / 5:04 AM / 11 years ago

Temasek stake in Merrill unchanged since March-sources

SINGAPORE, July 25 (Reuters) - Singapore’s sovereign fund Temasek Holdings TEM.UL still owns 86.9 million shares in U.S. investment bank Merrill Lynch MER.N, unchanged since March, sources told Reuters.

A source briefed on the situation said since March 31 Temasek had not reduced its shareholding in Merrill, denying a market rumour that it has sold shares in the U.S. bank.

Temasek invested $5 billion in Merrill Lynch in December and February at $48 a share, at a time when sovereign funds from Asia and the Middle East were propping up global banks reeling from subprime-related credit losses.

Merrill shares, which closed at $29.04 on Thursday, are 40 percent below Temasek’s purchase price. (Reporting by Saeed Azhar, editing by Neil Chatterjee)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below