NEW YORK: Morgan Stanley and Citigroup have announced that it settled a dispute over the worth of the brokerage company Morgan Stanley Smith Barney, which they both jointly own.
The dispute settlement will help Morgan Stanley to acquire Citigroup’s 49% interest in the broker.
Morgan Stanley will acquire Citi’s interest in Smith Barney in different stages, commencing with 14% stake. It will purchase the remaining by June 1, 2015.
Reports suggest that Morgan Stanley acquired 51% of Smith Barney from Citi during January 2009.