Morgan Stanley considers Wachovia deal: reports

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55 minutes ago, Reuters

NEW YORK (Reuters) - Morgan Stanley (MS.N), which saw its stock pummeled Wednesday on worries it may not survive the credit crunch as a broker-dealer, is considering merging with Wachovia Corp (WB.N), or another commercial bank, according to reports.

Morgan Stanley Chief Executive John Mack received a call on Wednesday from Wachovia, the fourth-largest U.S. bank, expressing interest in a deal with the Wall Street investment bank, the New York Times reported on its website, citing sources.

Morgan Stanley, the second largest U.S. investment bank, is considering other options, as other banks also have expressed interest, the Wall Street Journal reported.

Both Wachovia and Morgan Stanley declined to comment on whether it was having takeover talks, but said it was doing everything it could to help its stock price.

http://news.yahoo.com/s/nm/20080917/bs_nm/...gan_wachovia_dc

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Consolidation during rough times is nothing new.