Mitsubishi's $8.4B Will Buy Up to 20% of Morgan Stanley

Japanese firm reverses course, agrees to buy stake in Wall Street giant
By Kevin Spak,  Newser Staff
Posted Sep 22, 2008 10:13 AM CDT
If it decides to purchase a 20% stake, Mitsubishi UFJ would be the largest shareholder in Morgan Stanley, Bloomberg reports.   (AP Photo)
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(Newser) – Japan’s Mitsubishi UFJ Financial Group has agreed to invest as much as $8.4 billion in Morgan Stanley, Bloomberg reports, in exchange for a stake of 10%-20% in the investment bank. The move by Mitsubishi—which last week said it planned to steer clear of investing in US banks—sent Morgan Stanley stock up 12% in early trading.