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NEW YORK — Merrill Lynch & Co., in a broad move to clean up its troubled balance sheet, said Monday it will sell a slice of its asset-backed securities and issue new stock to raise $8.5 billion of fresh capital.
The world’s largest brokerage, struggling to right itself as the credit crisis continues, said it will issue more than 200 million new common shares as part of the deal. Singapore sovereign wealth fund Temasek Holdings agreed to boost its stake by acquiring another $3.4 billion stake.
