Singapore Temasek may sell small Merrill stake to Korean firm

Singapore Temasek may sell small Merrill stake to Korean firm 
 
SINGAPORE’S Temasek Holdings may sell a small stake in Merrill Lynch to South Korea’s Hana Financial Group, but a final decision is yet to be made, a source close to the deal said yesterday.
‘Hana is looking to buy a stake in Merrill from Temasek,’ said the Singapore-based source, who was briefed on the deal.

A Hana Financial spokesman said yesterday that it was considering buying shares in Merrill, but added that nothing in detail has been determined.

South Korea’s Maeil Business Newspaper reported yesterday that Hana Financial, the country’s No. 4 financial services company, will buy US$50 million (S$70.7 million) worth of Merrill shares through its banking unit.

Temasek, a Singapore state investment fund and a major shareholder in Hana Financial, declined to comment on the report.

Late last year, Temasek bought US$4.4 billion worth of Merrill shares at US$48 a share as the United States brokerage, hit by US sub- prime mortgage losses, sought to raise capital.

Temasek and Goldman Sachs are top shareholders in Hana Financial with a combined 19 per cent stake.

REUTERS
Source : Straits Times  - 19 Feb 2008

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