merryl lynch all sold out

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    DJ Merrill Lynch Says No Exposure To Australia's Opes Prime
    04/04/2008 10:40AM AEST

    SYDNEY (Dow Jones)--Merrill Lynch & Co. Inc. (MER) said Friday that it no longer has any exposure to Opes Prime Group Ltd. after selling a basket of stocks received from the failed Australian stockbroker as security for a loan.

    A Hong Kong-based spokesman for Merrill Lynch described as "inaccurate" a report in The Australian newspaper that damage to the investment bank from the Opes Prime collapse is worse than initially expected, running closer to A$500 million than the previous forecasts of about A$350 million.

    Opes Prime was put into receivership last week owing A$1 billion to lenders.

    It owed Australia & New Zealand Banking Group Ltd. (ANZ)A$650 million and Merrill Lynch a further A$350 million, receiver Deloitte said last week.

    Merrill Lynch and ANZ took control of Opes Prime's shares last week and started selling them off to recoup the loan amounts.

    -By Rebecca Thurlow, Dow Jones Newswires; 61-2-8235-2959; [email protected]
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