Morgan Stanley (MS) completes purchase of 14% of MSSB from Citi (C) - WSJ
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UPDATE: Citi (C) Sees $2.9B Post-Tax Writedown in Q3 on MSSB Deal
September 11, 2012 1:17 PM EDT(Updated - September 11, 2012 1:22 PM EDT)
Citi (NYSE: C) sees $2.9 billion after-tax writedown.
UPDATE - Details from the 8-K filing are below:
"On September 11, 2012, Citigroup Inc. and Morgan Stanley entered into an agreement (the Agreement) to amend the Amended and Restated Limited Liability Company Agreement (the JV Agreement) of Morgan Stanley Smith Barney Holdings LLC (the MSSB JV) providing that, among other things:
(i) Morgan Stanley (NYSE: MS) will pay to Citi $1.89 billion for the additional 14% interest (the 14% Interest) in the MSSB JV as to which Morgan Stanley exercised... More
Morgan Stanley (MS) to Acquire Citi's (C) 14% Stake in MSSB for $13.5B Valuation
September 11, 2012 9:36 AM EDTMorgan Stanley (NYSE: MS) and Citigroup (NYSE: C) announced that they have reached agreement for Morgan Stanley to purchase Citis 14 percent stake in Morgan Stanley Smith Barney Holdings LLC (MSSB), together with the transfer of approximately $5.5 billion of deposits at... More
