This just hit CNBC's website:
Morgan Stanley CEO John Mack held various conversations with potential merger partners Wednesday afternoon including top executives at Citigroup and Wachovia Bank. However, Mack continues to work to keep Morgan Stanley an independent company CNBC has learned.
Executives at Morgan are currently crunching numbers to determine how much of an additional minority stake they need to sell to settle market fears about the company.
Mack's plan is to sell a piece of Morgan Stanley to a Chinese bank. Mack has been dealing with Chinese government officials all day Wednesday to line up money from China.
It's shaping up to be another interesting day tomorrow.
Leave a comment