Citigroup signaled interest in selling its remaining stake in a brokerage joint venture to Morgan Stanley this year, said Glenn Schorr, a Nomura Holdings Inc. analyst, told the folks at Bloomberg.
Citi CFO John Gerspach and COO John Havens indicated a willingness to sell more than the scheduled 14 percent stake in Morgan Stanley Smith Barney if Morgan Stanley makes an attractive offer, Schorr wrote in a note to clients today, citing a recent meeting with the executives.
Morgan Stanley has the option to buy a 14 percent stake in the joint venture in May, increasing its ownership to 65 percent, and can purchase the business outright over the next two years….
Read more at http://www.bloomberg.com/news/2012-03-22/citigroup-willing-to-sell-all-of-brokerage-venture-schorr-says.html
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