Merrill Lynch & Co.'s CEO John Thain can expect to keep getting up early to make those calls to Asia, as Singapore's $130 billion sovereign wealth fund Temasek Holdings Pte. Ltd. has received antitrust approval to raise its stake in the investment bank past the 10% limit.
Temasek, already Merrill's largest shareholder, is putting another $900 million in the investment bank as part of the investment bank's latest offering.
With this latest purchase, the wealth fund will own 13% to 14% of Merrill.
Since Temasek first invested $5 billion for a 5% stake in the bank in
December 2007, the value of its holdings has taken a beating, losing
roughly half its value. - George White
