Deals
Morgan Stanley to Buy More of Smith Barney From Citigroup
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Morgan Stanley, the majority owner of Morgan Stanley Smith Barney Holdings LLC, plans to buy an additional 14 percent stake in the brokerage from Citigroup Inc.
The price will be determined over a 90-day period, according to a statement today from New York-based Morgan Stanley. The investment bank already owns 51 percent of Morgan Stanley Smith Barney, which is the world’s largest brokerage. Citigroup, the third-largest U.S. bank, sold the controlling stake to Morgan Stanley in 2009.