washingtonpost.com - industries
NEW YORK (Reuters) - Stocks rallied on Monday, led by financial companies, after Merrill Lynch (MER.N) took steps to shore up its balance sheet with plans to raise up to $6.2 billion and sell a lending unit.
Newsvine - business - Wire
GE Capital, the financial unit of General Electric Co., said Monday it will acquire the bulk of the Merrill Lynch Capital commercial finance operations, allowing Merrill to redeploy about $1.3 billion into other parts of its business.
Crain's Chicago Business Weekly Edition
Mesirow Financial Holdings Inc.'s turnaround division may need a dose of its own medicine. The business, which provides consulting services to troubled companies, cut almost a quarter of its staff in July after a drop in bankruptcy filings cut into profit. Despite bonuses offered to the 90 who ...
MarketWatch.com - MarketPulse
NEW YORK (MarketWatch) - GE Capital, a unit of General Electric Co. on Monday said it agreed to purchase most of Merrill Lynch Capital, Merrill Lynch's wholly-owned middle-market commercial finance business. Financial terms were not disclosed. The acquisition, expected to close in the first quarter of 2008, will add more than $10 billion in assets and $5 billion in commitments to GE Capital Commercial Finance's base of $260 billion. GE Capital said it will buy Merrill Lynch Capital's corporate finance, equipment finance, franchise, energy and healthcare finance units. Merrill Lynch Capital's commercial real estate finance unit is not part of the transaction.