Merrill aiming to sell Bloomberg stake

Source: Exec Digital USA

Date :09/07/2008 05:02:58

Deal to sell 20 percent stake could net the Wall Street banking giant US$5billion

Reports today, July 9, suggest that a blind trust run Michael Bloomberg (pictured) is willing to pay between US$4.5billion and US$5billion to buy Merrill Lynch & Co's stake in financial news and data provider Bloomberg LP, a company he founded in 1981.

Merrill aims to sell its minority stake in the privately held company ahead of its second-quarter earnings call set for July 17.

It is hoped the sale will help shore up its balance sheet, which has been ravaged by bad bets on mortgages.

Given that Bloomberg’s personal fortune is estimated by Forbes magazine to be US$5billion, the 108th Mayor of New York can easily afford to buy back the stake.