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19:00 WM Washington Mutual: The U.S. government has brokered a deal for J.P. Morgan to acquire the deposits and some branches of WM - WSJ (1.69 -0.57) -Update-
18:57 WM Washington Mutual: J.P. Morgan to acquire deposits of Washington Mutual, according to people familiar with the matter. The deal won't impact the FDIC insurance fund - WSJ (1.69 -0.57) -Update-
18:37 WM WaMu sale to depend on government aid - FT (1.69 -0.57) -Update-
The Financial Times reports that Attempts to sell ailing Washington Mutual, the sixth-largest US bank, are likely to hinge on government assistance, according to bankers and other potential buyers. Bids for WaMu from potential buyers were due on Wednesday. But there has been little enthusiasm for a sale of the bank without government support to help a buyer cope with what could be tens of billions of dollars in losses on WaMu's mortgage and credit card assets. Because of the desire for government support, it was more likely that WaMu would be sold to a domestic bank than to a private equity firm or a foreign bank, the people familiar with the talks said. WaMu's share price fell on Thursday to $1.69, indicating that investors were growing less confident that the bank would be sold and avoid a takeover by the Federal Deposit Insurance Corporation. JPMorgan Chase (JPM) was on Thursday considered the frontrunner for WaMu (WM), with Citigroup (C) another possible buyer. The discussion of official assistance to facilitate a WaMu sale comes at a time when Congress is deciding the fate of the Treasury's proposed $700bn rescue plan for the financial sector. If a deal for WM fails to materialise, it would be a rare setback for TPG, the private equity firm that led a group that bought a minority stake in WM in April, with a $7bn capital infusion.
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