Mitsubishi UFJ Financial Group Inc. swapped about $700 million of Morgan Stanley’s preferred shares for common stock, increasing the equity stake of Japan’s biggest bank, according to a filing with the SEC on Friday.

The move, which was announced earlier this month, means MUFG now owns 21.47 percent of Morgan Stanley. MUFG invested $9 billion in Morgan Stanley last year. (Reuters)
------ No plans to sell Teeside plant in UK, says Tata Steel
Tata Steel, said that operations at its Teeside factory in England is going on as before and the company does not plan to sell its stake (in Teeside) to Italy’s Marcegaglia and South Korea’s Dongkuk.
“Operations are on just now at Teeside as before. There is no question of selling the plant to them now,” Tata Sons Director J J Irani, told reporters on the sidelines of a conference here. (Business Standard)
------ Nippon Steel to sell JPY 40 billion bond
Nippon Steel Corp. will sell JPY 40 billion ($424 million) in five year and ten year notes.
According to a faxed statement from Mizuho Securities Co., Mizuho Securities, Merrill Lynch & Co. and Nomura Securities Co. will co-manage the sale of the five-year notes, and Daiwa Securities SMBC Co., Nikko Citigroup and Mitsubishi UFJ Securities Co. will co-manage the sale of the ten-year notes.
Tokyo based Nippon Steel will sell JPY 20 billion in bonds at each maturity. (Bloomberg)
----- NEC to resume sales of mobile phones overseas, Sankei says
Japan’s NEC Corp. plans to resume exports of mobile phones next year to coincide with the introduction of the long-term evolution, or LTE, high-speed wireless standard, the Sankei newspaper reported.
The company hasn’t exported phones since it exited China’s market in 2006, according to the report. Sankei didn’t cite a source for the information. (Bloomberg)