Deals
Morgan Stanley Smith Barney Stake Sale Delayed Amid Disagreement
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Morgan Stanley and Citigroup Inc. agreed to delay setting a valuation for their brokerage joint-venture as they wrangle over the sale of a 14 percent stake.
A determination of Morgan Stanley Smith Barney’s fair market value will be made Sept. 10 rather than this week, according to a statement yesterday from Morgan Stanley, which is buying the stake from Citigroup to boost its holding to 65 percent. Shannon Bell, a Citigroup spokeswoman, declined to elaborate.