Morgan Stanley to purchase additional 14% of Morgan Stanley Smith Barney
Morgan Stanley will give notice to Citigroup that it intends to exercise their right to purchase 14 percent of Morgan Stanley Smith Barney Holdings LLC. The process can take up to 90 days. The purchase price must still be determined and is based on pre-determined terms from the joint venture agreement. Regulatory approval has already been obtained. Morgan Stanley currently owns fifty-one percent of Morgan Stanley Smith Barney. Based on the joint venture agreement Morgan Stanley can exercise its call option for 14 percent more of the company on June 1, 2012.
For more information and details, see this Market Watch article.
