Morgan Stanley Sets Price For China Deal

03/28/2008 02:45 am ET | Updated May 25, 2011

Morgan Stanley and the Chinese government said Monday that the U.S. investment bank has determined the range of prices to be used when China's international investment fund converts $5 billion worth of securities into Morgan Stanley stock.

China Investment Corp. agreed last week to buy Morgan Stanley securities that will be convertible into up to 9.9 percent of the bank's stock in 2010, at a price of no more than 1.2 times the "reference price" that was confirmed Monday.

The reference price would be between $48.07 and $57.684.