China animal feed manufacturer gains $50 million Morgan Stanley investment

Chinese animal feed maker Yongye International Inc. has announced a $50 million investment in the company by Morgan Stanley. The investment, which involves the purchase of preferred shares that can be converted into common stock at $8.80 per share, caused Yongye's shares to jump 45%.

Chinese animal feed maker Yongye International Inc. has announced a $50 million investment in the company by Morgan Stanley.

The investment, which involves the purchase of preferred shares that can be converted into common stock at $8.80 per share, caused Yongye's shares to jump 45%. The company said it intends to use the money to expand its production capacity, repay bank debt and for general corporate services.

The deal is expected to close on June 10.

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