Legg Mason Rises as it Repurchases KKKR Notes to Cut Debt
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Legg Mason Inc., the money manager whose biggest shareholder is activist investor Nelson Peltz, rose by the most in almost six months after saying it will repurchase $1.25 billion of debt from private-equity firm KKR & Co. and buy back more stock.
Legg Mason climbed 7.5 percent to $24.05, the biggest increase since Nov. 30, after saying it will accelerate $155 million in stock repurchases and plans to buy back an additional $1 billion in shares. Scott Nuttall, KKR’s head of global capital who joined Baltimore-based Legg Mason’s board when the debt investment was made in 2008, will step down.