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January 11, 2009: Singapore Company Acquires Shares in Bank of America through Conversion

2009-01-11

Temasek Holdings, an arm of the government of Singapore, acquires shares in Bank of America. It does this by converting shares it had purchased in Merrill Lynch (see December 25, 2007 and July 29, 2008) into shares in Bank of America, which had recently purchased Merrill Lynch (see September 14, 2008). Temasek now owns 3.8 percent of Bank of America. [Reuters, 1/11/2009]