With more write-downs looming, analysts have been expecting big Wall Street firms to head back to the wealth pools of Asia and the Middle East. So the Observer’s weekend report that Merrill Lynch is talking again with these sovereign funds could help answer the remaining question: who’s next. Given it is New Year’s eve, Merrill would be a pretty good bet. Its announcement last Monday that it was selling up to $6.2 billion in shares to Singapore’s Temasek and asset manager Davis Selected Advisers came on Christmas eve. The Observer article says Chief Executive John Thain has kept all his lieutenants holed up through the holiday season. 
    
Oil and gas exploration company Delta Petroleum said investor Kirk Kerkorian’s Tracinda Corp will buy a 35 percent stake for $684 million. Delta said Tracinda will buy 36 million shares at $19 apiece, a premium of about 23 percent to the stock’s Friday closing price, and get the equivalent board representation.
    
Alitalia has been exploited by politicians for too long, a top Italian politician told daily newspaper Corriere della Sera. Economy minister Tommaso Padoa-Schioppa said he was defending the government’s decision last week to approve Alitalia pursuing talks with Air France-KLM.