Merrill Lynch to Tap Foreign Investors

Adding to a continuing wave of Wall Street efforts to counteract the U.S. mortgage-sparked liquidity crunch by tapping foreign capital, Merrill Lynch has reached agreements to issue $6.6 billion in mandatory convertible preferred stock in private placements to a new group of overseas investors. The long-term investors involved in the offering are primarily from the Korean Investment Corp., the Kuwait Investment Authority, and Mizuho Corporate Bank, Merrill said. Merrill Lynch can be found online at http://www.merrilllynch.com.

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