Sunday, March 16, 2008

JPM To The Rescue


NEW YORK (Reuters) - Bear Stearns Cos Inc is hoping to announce a deal to sell itself to JPMorgan Chase & Co before Asian markets open on Monday, the Wall Street Journal reported on Sunday, as the investment bank struggles to save itself.

Bear Stearns, the fifth-largest U.S. investment bank, could sell itself for around $2.2 billion, the newspaper reported. That would amount to less than $20 a share.

The low sale price, equal to about two-thirds the company's $30.85 closing share price on Friday, signals just how dire the situation is for the 85-year-old investment bank.