Fed give OK to Mitsubishi, Morgan Stanley deal
WASHINGTON, Oct 6 (Reuters) - The Federal Reserve on Monday gave its approval for Mitsubishi UFJ Financial Group, Inc. (8306.T: Quote, Profile, Research, Stock Buzz) to acquire up to 24.9 percent of the voting shares of Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz).
Mitsubishi UFJ last week agreed to buy a 21 percent stake in Morgan Stanley for $9 billion, giving the U.S. firm a much-needed capital injection.
The two firms have agreed to a "strategic alliance", details of which are still being hammered out.
(Reporting by Patrick Rucker)
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