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Wednesday Aug 20 2008
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Merrill set to sell Bloomberg stake
Merrill Lynch is set to sell its 20% stake in Bloomberg for about $4.5bn but will retain its far more valuable 49% holding in money manager BlackRock. The sale of the Bloomberg stake back to Michael Bloomberg, the owner of the news and data service, is aimed at offsetting part of the $6bn in credit-related writedown the troubled investment bank is expected to announce today. However, news of Merrill’s decision to keep its BlackRock stake could wrong-foot hedge funds that had shorted BlackRock’s shares in anticipation of a sale, after John Thain, Merrill’s chairman and chief, hinted at the possibility of a divestment recently.
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