NEW YORK CITY (dpa-AFX) - Morgan Stanley (MS) has advised Citigroup Inc. (C) that on June 1, 2012, it plans to give notice that it is exercising its right to buy an additional 14 percent of Morgan Stanley Smith Barney Holdings LLC or MSSB. Such notice would initiate a process of up to 90 days in length to determine the purchase price, as detailed by the terms of the MSSB joint venture.
Regulatory approval to proceed has been obtained. Pursuant to the MSSB joint venture, June 1 is the first date on which Morgan Stanley, which now owns 51 percent of MSSB, may exercise its call option for an additional 14 percent stake. Morgan Stanley would file a Current Report on Form 8-K describing the process to determine the price.
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