Temasek to boost Merrill stake
Temasek Holdings of Singapore has received U.S. antitrust approval to increase its stake in Merrill Lynch & Co. Inc.
Temasek Holdings of Singapore has received U.S. antitrust approval to increase its stake in Merrill Lynch & Co. Inc. and expressed “great confidence” in chief executive John Thain’s ability to turn the company around, according to a Bloomberg report.
Singapore’s sovereign wealth fund, which is also Merrill’s largest shareholder, plans to increase its stake in the New York-based brokerage firm to as much as 14%. It currently holds a 9.4% stake.
Temasek has invested about $5 billion in Merrill since Dec. 24, after Mr. Thain was named to replace E. Stanley O’Neal, who was let go in October in the wake of the company’s largest quarterly loss in history (InvestmentNews, Dec. 21).
A spokeswoman for Merrill declined to comment in the Bloomberg report.
In an interview with Bloomberg Television, Michael Dee, senior managing director of Temesek’s international division, said he had “great confidence in John Thain” and had “great confidence in the rest of the management and the board.”
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