Morgan Stanley is in talks to sell a stake of up to 49 per cent to China Investment Corp, the state investment fund, as part of the Wall Street firm's efforts to ensure its survival and reverse a slump in investor confidence.
People close to the discussions said the investment bank's top management preferred a stake sale to CIC to a merger with Wachovia, the troubled US lender that approached Morgan Stanley on Wednesday.
They added that talks with CIC, which bought a 9.9 per cent stake in Morgan Stanley in December, were advanced but no deal had been clinched yet.
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