CIC Sells Another 1.6M Morgan Stanley Shares--Filing (WSJ)
"CIC now owns 150.8 million shares of Morgan Stanley and will take possession of about 116.1 million of those shares when the roughly $5.6 billion in principal of mandatory convertible notes yielding 9%--bought in late 2007--convert into common stock, a conversion set to happen on Aug. 17."
From the Fed release:
"FEDERAL RESERVE SYSTEM
China Investment Corporation Beijing, People’s Republic of China
Order Approving Acquisition of an Interest in a Bank Holding Company
China Investment Corporation (“CIC”), Beijing, People’s Republic of China, has requested the Board’s approval under section 3 of the Bank Holding Company Act of 1956, as amended (“BHC Act”),1 to acquire indirectly up to 10 percent of the voting shares of Morgan Stanley, New York, New York. (read full PDF at Federal Reserve here).
Also read: CIC's bitter payoff for Morgan Stanley stake (8/8) (MarketWatch.com)