CBA scraps with Merrill as A$1.65bn share sale crumbles
Commonwealth Bank of Australia and Merrill Lynch traded accusations over the collapse of a A$1.65bn share placement being arranged by the US house for the issuer on Tuesday evening.
Merrill had placed A$1.65bn of new CBA shares at A$27 each on Tuesday. But when, after trading had halted for the evening, CBA announced the success of the deal it also warned that its loan losses had risen.
The inclusion by CBA of what was effectively a surprise
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