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SINGAPORE, July 29 - Singapore state investor Temasek Holdings has pumped in an additional US$900 million (S$1.2 billion) in Merrill Lynch as part of the U.S. broker's latest capital-raising effort.
"Temasek confirms its commitment of US$3.4 billion in the public offering by Merrill Lynch," spokewoman Myrna Thomas said in a statement on Tuesday.
"The commitment includes a sum of US$2.5 billion arising from a re-set payment which Merrill Lynch has agreed to pay to Temasek as an adjustment to the price of Temasek's original investment made in December 2007," she added.
Temasek had invested a total of US$5 billion in Merrill in December and February at US$48 per share, but Merrill shares have fallen by about half since then.
The deal had a feature that required Merrill Lynch to compensate the Singapore investor should the U.S. firm subsequently raise new capital at a lower price.
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