Morgan Stanley said on September 29 that Mitsubishi UFJ would invest $9bn in the US firm. MUFJ will buy $3bn of shares at $25.25 a share, against the closing price on September 26 of $24.75 – a 9.9% stake. The Japanese bank will also buy $6bn of perpetual non-cumulative preferred stock with a 10% dividend and a conversion price of $31.25 a share. Full conversion could give MUFJ a 21% stake in Morgan Stanley.

Lazard and Blackrock advised MUFJ on the transaction.On September 23, Goldman Sachs said Berkshire Hathaway, chaired by Warren Buffett, would invest $5bn in preferred stock with a 10% dividend, callable at any time at a 10% premium. Berkshire also received warrants to purchase $5bn of common stock at $115 a share for five years, a discount to the closing price of $125.05 before the deal was announced. Berkshire’s warrants could convert into an 8% stake.

• Morgan Stanley statement

25 Sep 2008 -

On a promise

24 Sep 2008 -

Sage stuffing

22 Sep 2008 -

Morgan’s trialing transformation