Morgan Stanley

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Goldman, Morgan Stanley may lead Groupon IPO

Groupon CEO Andrew Mason speaking in August 2010 at Groupon's headquarters, 600 W. Chicago Ave. (Brian Cassella/Chicago Tribune)

Groupon is likely to pick Goldman Sachs and Morgan Stanley to lead a second-half initial public offering that could value the fast-growing daily deals site at $15 billion to $20 billion, a source familiar with the matter said on Thursday.

Groupon could raise as much as $1 billion in the IPO, which could come in the second half of 2011, although the exact size had not yet been determined, said the source, who was not authorized to speak to the media. Get the full story »

Ally reportedly picks IPO underwriters

Ally Financial, the former General Motors finance arm that was bailed out by U.S. taxpayers, has selected four investment banks to handle an initial public stock offering.

People familiar with the plans say the stock sale will be led by Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley. The people spoke Friday on condition of anonymity because they were not authorized to speak publicly about the plans. Get the full story »

Bankers line up to handle AIG share sale

Some of the United States’ top bankers descended on a law firm in Manhattan on Thursday to make a pitch for managing what could be one of the largest share sales in history — a secondary offering for bailed-out insurer American International Group Inc.

JPMorgan Chief Executive Jamie Dimon was among the executives attending the meeting. Dimon entered the building of law firm Davis Polk & Wardwell LLP just after 9:30 a.m. EST in New York. Asked how the meeting went as he left, Dimon laughed and said: “How’d what go?” Get the full story »

Morgan Stanley to spin off trading unit

Morgan Stanley will spin off its proprietary trading business into an independent firm in 2012, joining a host of Wall Street banks scrambling to comply with new rules that bar making market bets with their own capital. Get the full story »

Fortune hires Morgan Stanley to auction golf unit

Fortune Brands has hired Morgan Stanley to auction its golf division, a sale that may fetch as much as $1.5 billion, Bloomberg reported, citing four people with knowledge of the matter. Get the full story »

Groupon says it raised $500M in financing

Chicago-based Groupon Inc. has raised $500 million in equity financing of the $950 million it hopes to get.

The money came from 33 investors, Groupon said in a filing with the U.S. Securities and Exchange Commission. The company it is not disclosing their names, but DealBook reported Wednesday the start-up is negotiating financing commitments with Fidelity Investments, T. Rowe Price and Morgan Stanley. Get the full story »

Groupon lures institutional investors, planning IPO

From the New York Times’ DealBook | Groupon, the social buying site that rejected a $6 billion takeover bid from Google earlier this month, is negotiating as much as $950 million in financing commitments with big institutional investors, including Fidelity Investments, T. Rowe Price and Morgan Stanley, people briefed on the matter said. Groupon is preparing to go public as soon as the end of 2011, sources said. Get the full story>>

HighTower adds New York Morgan Stanley team

A team of Morgan Stanley Smith Barney brokers in northern New York state, the Morgia Group, last week joined HighTower Advisors, a Chicago firm that is adding veteran advisers across the United States. Get the full story »

Morgan Stanley: Boeing may delay 787 to 2012

From Bloomberg | Boeing Co. may push back the 787 Dreamliner’s entry into service for the seventh time, adding as much as a year to the delay for the composite-plastic jet, Morgan Stanley said.

GM’s $13 billion IPO to cut Treasury stake to 43%

General Motors on Wednesday finalized terms for a stock offering of about $13 billion to repay a controversial taxpayer-funded bailout and reduce the U.S. Treasury to a minority shareholder.

GM’s filing with the U.S. Securities and Exchange Commission is the final step before it begins marketing what is expected to be one of the largest-ever IPOs. The investors are expected to span the globe and include sovereign wealth funds.

The automaker plans to sell 365 million common shares, or 24 percent of its common stock, at $26 to $29 each, raising about $10 billion at the midpoint, according to updated initial public offering papers filed with the SEC. Get the full story »

Morgan Stanley adds Caterpillar’s Owens to board

Morgan Stanley added Caterpillar Inc. Chairman James Owens to its board of directors, the Wall Street bank said on Monday.

The addition of Owens, 64, brings Morgan Stanley’s board to 13 members. Get the full story »

Morgan Stanley posts 3Q loss on special charges

Morgan Stanley became the latest investment bank to report weaker results Wednesday from a trading slowdown during the summer, reporting a net loss during the third quarter as revenue fell 20 percent.

Tribune hires law firm to study Morgan Stanley suit

Tribune Co. has hired Chicago law firm Novack and Macey to explore the possibility of bringing legal action against Morgan Stanley, the New York investment bank.

The disclosure came in a bankruptcy court filing Friday asking for retroactive permission to hire the firm, which began looking into the matter in late August. Get the full story »

Morgan Stanley raises outlook for ADM

The Dividend Daily | Morgan Stanley raised its price targets and earnings estimates for Archer Daniels Midland Tuesday.  It pegs shares of the agriculture products giant at $37, a 12 percent premium from their close of $32.95 Monday.

ShoreBank’s buyer lays off 60 employees

An exterior view of ShoreBank at 3401 S. King Drive on the South Side, May 18, 2010. (Chris Walker/Chicago Tribune)

The company that bought ShoreBank has cut about 60 of the more than 300 positions at the recently failed South Side lender.

Urban Partnership Bank, the newly formed group that on Aug. 20 acquired ShoreBank through a deal brokered by the Federal Deposit Insurance Corp., said the job cuts were “a difficult decision.”

But “a smaller workforce is needed going forward in order for Urban Partnership Bank to continue the mission and to be a strong, sustainable player in our communities,” said Brian Berg, spokesman for Urban Partnership Bank. Get the full story »