Scratch Another Lehman saviour Off The List

Sorry Lehman, that big Japanese bank says it isn’t interested in saving you, either. Keep looking in Asia though. You’re bound to find someone.

Reuters: Mitsubishi UFJ Financial Group said it has no plans to invest in U.S. investment bank Lehman Brothers (LEH.N), rejecting a media report that it may bid for a stake.

The Times of London said Japan’s largest bank was ready to bid for a “substantial stake” in the subprime-hit Wall Street firm, and may “seek control” of Lehman, sending shares of the U.S. bank higher in after-hours trade.

The Times, citing “senior sources” close to Mitsubishi UFJ, said the bid could come after Lehman’s quarterly earnings results next week.

However a spokesman for Mitsubishi UFJ, who declined to be identified, told Reuters the report was not true.

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