Merrill Lynch seeks stock buyers

Merrill Lynch & Co must find buyers for €380 million of National Australia Bank stock after only 45% of shareholders in Australia’s biggest bank took part in a dividend reinvestment plan.

Merrill underwrote a €0.7 billion dividend plan for Melbourne-based National Australia, which was ordered by regulators to boost capital after currency-trading losses.

The bank sold €500m and €384m of bonds in the past three weeks to raise capital.