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Showing posts with the label DealBook Breaking News -September 11

CiMorgan Stanley and ti Reach Deal on Smith Barney: Dealbook Breakin News:

Dealbook News The New York Times Tuesday, September 11, 2012 -- 9:49 AM EDT ----- Morgan Stanley and Citi Reach Deal on Smith Barney An independent appraiser has set the value of Morgan Stanley Smith Barney at $13.5 billion, setting the stage for Morgan Stanley to buy full control of the retail brokerage giant from its partner in the venture, Citigroup. The valuation, which was set by the investment bank Perella Weinberg Partners, is a victory for Morgan Stanley, which had previously assessed the value of the enterprise at $9 billion. Citigroup has said that the value of the brokerage was closer to $23 billion. With the agreement, Morgan Stanley will buy out Citigroup’s remaining 14 percent stake. Read More: