Markets Give Morgan Stanley Breathing Room on Merger

Wachovia still a player as rising shares gives firms more time to think
By Nick McMaster,  Newser Staff
Posted Sep 19, 2008 3:10 PM CDT
Markets Give Morgan Stanley Breathing Room on Merger
Some reports have Wells Fargo and Citigroup interested in a possible takeover of Washington Mutual, and that Morgan Stanley and Wachovia Corp. are in talks about a possible combination.    (AP Photo)

(Newser) – Morgan Stanley presses on with merger negotiations, but the beginning of a recovery in financial markets today means the bank will have more time to weigh options, Reuters reports. Talks continue with Wachovia and China Investment Corp., among others, but the firm "feels that it can slow down the timetable” in order to make the right choice, a source said.

Morgan Stanley took part in the general rally today over the government’s bailout plan for financial firms, and was up $5.89, or 26%, at midday. China’s sovereign wealth fund announced earlier that it was confident Morgan Stanley and Goldman Sachs could solve their problems independently—a sign the fund probably wouldn’t increase its stake in Morgan. (Read more China Investment Corp stories.)

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