Monday market will be shaky...

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Monday market will be shaky...

posted on Mar 16, 2008 05:07PM

Being bought for $2/share (closed on Friday at $39)

Financial market are really shaky and investors are already nervous.

How MEO will react ...

JPMorgan to acquire Bear Stearns

Bear Stearns is one of the best-known US Wall Street firms

JPMorgan Chase has said it is to acquire ailing US bank Bear Stearns for $2 a share.

The deal values Wall Street's fifth largest investment bank at about $236m.

The bank has been at the centre of the US mortgage debt crisis. Its shares fell 46% to $30 after emergency funding for it was announced on Friday.

The news comes as the Federal Reserve cut its lending rate to banks to 3.25% from 3.50%, and created a new lending facility for big investment banks.

Under the deal, the Federal Reserve will fund up to $30 billion of Bear Stearns's less liquid assets.