NEW YORK (AP) - Wall Street is waiting for word that JPMorgan Chase & Co.
reached an agreement to acquire wounded investment bank Bear Stearns Cos.
The two sides reportedly want a deal locked up before investors can put
pressure on both of their stocks once Asian markets open for business. The Wall
Street Journal reports the two banks were close to a deal for JPMorgan to buy
Bear for $20 a share, or $2.2 billion.
The government, which on Friday helped facilitate a deal to provide funding
to Bear Stearns through JPMorgan, continues to monitor the situation closely.
Copyright 2007 Associated Press. All rights reserved. This material may not be
published, broadcast, rewritten, or redistributed.
|