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Morgan Stanley's Financial Savior Converts
Mitsubishi UFJ Financial Group, which threw a financial lifeline to Morgan Stanley during the financial crisis, raised its stake in the company to 22.4%, by converted its Morgan Stanley preferred shares into common stock. With the conversion, MUFJ is expected to book more than $2.48 billion in profit in the current quarter.
Mitsubishi UFJ had announced a capital tie-up with Morgan Stanley in September 2008, immediately after the collapse of Lehman Brothers. The Japanese group initially planned to obtain 21% of Morgan Stanley's common stock for $9 billion, but instead decided to buy preferred shares as the financial crisis worsened. [Reuters, 6/30/11]
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