SPA Newswire

North America


MERRILL LYNCH/BLACKROCK (New York) - In a dramatic boardroom battle that transfixed the financial services industry throughout February, Merrill Lynch beat Morgan Stanley to close a $9.3 billion deal with BlackRock. Unlike Morgan Stanley's proposed deal, however, the transaction gives BlackRock control over the investment assets of Merrill Lynch Investment Management - creating a trillion-dollar AUM powerhouse.

Some commentators have remarked on the deal's similarities to the Citigroup swap last

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