According to MarketWatch: Morgan Stanley MS
-2.11% announced on Friday it has
received regulatory approval to buy the final part of the Morgan Stanley Smith
Barney Holdings LLC from Citigroup Inc. C -2.94% . The purchase of the final 35% will be
completed this month, fulfilling a key strategic priority, said the firm in a
statement. Morgan Stanley will notify Citigroup of its intent to buy the
remaining share for the established price of $4.7 billion in cash and the
closing is expected to be around or on June 28, 2013. The firm will record a
negative adjustment to capital of approximately $200 million to reflect the
difference between the purchase price and its carrying value, negatively
impacting diluted earnings per share in the second quarter. MSSBH will redeem
Class A preferred interests owned by Citigroup for $2.03 billion at the time of
the transaction. Morgan Stanley shares were up 0.5% in premarket trading.
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