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Fresh off its acquisition of Washington Mutual Inc.'s assets for the bargain price of $1.9 billion, J.P. Morgan Chase & Co. shot past its original $8 billion target for its common stock offering Friday morning, as strong demand allowed the bank to increase the size to $10 billion.
Bloomberg reports that
the bank sold 246.9 million shares for $40.50, a 6.8% discount to Thursday's closing price of $43.46. The capital raise was done to offset an estimated $8 billion in credit
provisions, write-downs and losses that J.P. Morgan expects to take in the third
quarter. Shares of J.P. Morgan were down 1.3% to $42.90 in morning
trading. - George White
See story from Bloomberg See Dealscape post on J.P. Morgan acquisition Categories Deal Video
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