Temasek Holdings Has Strong Confidence In Merrill Lynch (MER) CEO John Thain
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Temasek Holdings Pte, Singapore's $130 billion sovereign wealth fund, said it has ``great confidence'' in Merrill Lynch & Co. (NYSE: MER) Chief Executive Officer John Thain and plans to eventually raise its stake.
Actually, Temasek just received U.S. antitrust approval yesterday to raise its stake to between 13% and 14% in Merrill Lynch. Yesterday, Temasek's Michael Dee told Bloomberg Television Merrill is a "great franchise which has existed through many crises through a long period of time.''
Merrill Lynch shares have fallen 55% since Temasek's first investment on December 24. MER is currently trading around the $24 range. Temasek said its decision to increase its stake in Merrill was based on Thain and his management team.
Merrill Lynch & Co., Inc. together with its subsidiaries, provide investment, financing, insurance, and related services to individuals and institutions on a global basis through its broker, dealer, banking, and other financial services subsidiaries.
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