Merrill surprises with second Statoil trade

Merrill Lynch turned a predicament to its advantage on Tuesday when it made a profit by selling Nkr4.5bn ($724m) of shares in Statoil, the Norwegian energy group, after failing to fully sell a Nkr12.48bn ($2bn) stake for the government last Wednesday.

  • 25 Feb 2005

Merrill Lynch issued a notice to the Oslo stock exchange last Wednesday at 10.47am Norwegian time, indicating that it had closed the books on the block trade. At the time, no market observers suspected that it had not fully placed the 4.6% stake in the company.

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