BOFA saves ho ching???

[imperialarms]

A Bank of America Merger With Merrill Could Be Announced Tonight


It's amazing how quickly this story about the Bank of America acquisition of Merrill is happening. DealBook has some details:

Bank of America is in advanced talks to buy Merrill Lynch for at least $38.25 billion in stock, people briefed on the negotiations said on Sunday, as a means to preserve that investment bank while Lehman Brothers looks likely to collapse.

The move suggests a desperate effort at triage on Wall Street, as Bank of America works to shore up the likely next victim of the credit crunch. A deal, valued at between $25 a share to $30 a share, could be announced as soon as Sunday night, these people said. Merrill shares closed at $17.05 on Friday.

 

[JohnTT]

Lucky Temasek. BOA actually wants to buy Lehman Brothers, but changed their mind later to buy Meryll Lynch instead. B'cos of this, Temasek will make $5 per share.

Ho Chin - Investment Guru?

 

[nightmare]

Didn't Ho Ching pay $48 a share? So it's a loss of $18 a share??

 

[JohnTT]

Now Lehman Brothers to file for bankruptcy. Just imagine if BOA buys Lehman Brothers instead of Merrill Lynch. Thank god!

This is purely luck, not good investment acumen.

 

[JohnTT]

Didn't Ho Ching pay $48 a share? So it's a loss of $18 a share??

No. She did a lot of price averaging down previously.

 

[nightmare]

What is their price average now? Where is the source?

 

[ahbengsong]

July 25, 2008
Temasek Selling Merrill Lynch
» temasek merrill lynch singapore

Seah Chiang Nee said:

Temasek Holdings has sold off half its ill-timed investment in Merrill Lynch - or about 87m shares, according to a mutual funds report on institutional trades on US stocks.

The online report, MFFAIRS (Mutual Fund Facts About Individual Stocks), reported it sold off 86,949,594 shares (50%), leaving a current holdings of 86,949,594 shares (50%), according to the filings made public.

The report gave no exact date or price of the sale.

Neither has there been any confirmation from Temasek, which had paid US$48 a share last year. http://www.mffais.com/newsarticles/2008-07-22/2473637-211738.html

Last week Merrill Lynch was traded at $31.

At that price Temasek would have suffered a loss of $17 a share - or a total loss of about US$1.48b for the 87mil shares.

 

[annexa]

Sigh. And those knn "talents" still get bonus instead of the sack for losing so much of our CPF money.