Deals
Morgan Stanley Invests $50 Million in Short-Sale Mark Yongye
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Morgan Stanley agreed to invest $50 million in Yongye International Inc., the U.S.-traded producer of plant nutrients in China that is the target of a short seller who says the company has misrepresented its business.
Yongye shares surged 42 percent, the most in more than two years, to $5.33 as of 4 p.m. New York time after Morgan Stanley, the sixth-largest U.S. bank by assets, said it will invest in Beijing-based Yongye through its Asian private equity unit. The stock, which began trading on the Nasdaq Stock Market in 2009 following a 2008 takeover of a U.S. company, is down 37 percent this year.