ADVFN - Advanced Financial Network.
HOME» NYSE » C » C Stock Price » C Stock News

Citigroup Share News

 Citigroup Stock Price
C Stock Price
 Citigroup Stock Chart
C Stock Chart
 Citigroup Stock News
C Stock News
 Citigroup Company Information
C Company Information
 Citigroup Stock Trades
C Stock Trades

Morgan Stanley Values Brokerage Joint Venture 60% Lower Than Citi

Citigroup Inc. (C) disclosed Thursday that its valuation of the Morgan Stanley Smith Barney brokerage is substantially above Morgan Stanley's appraisal, the first public jostling between the partners on price. Morgan Stanley owns 51% of the joint venture, but has submitted a bid to buy another 14%. Both companies submitted valuations to one another on Monday, and Citi disclosed Thursday in a filing with the Securities and Exchange Commission that the two appraisals are 60% apart. Since the joint venture was formed in 2009, Citi had carried the value of its 49% of Morgan Stanley Smith Barney at $11 billion on its books--implying a value of $22 billion for the joint venture. It said in the filing Thursday that its valuation now "slightly exceeded" the carrying value. Morgan Stanley's valuation came in at about 40% of Citi's $22 billion carrying value, implying that Morgan Stanley values the joint venture at about $9 billion. Subsequently, Citi might have "a significant non-cash GAAP charge to net income in the third quarter," the bank said in its filing. Write to Matthias Rieker at matthias.rieker@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Citigroup (C)
DateTimeHeadline
07/31/201416:49:11Puerto Rico Power Authority, Bank Lenders Agree to Postpone Loan...
07/31/201415:09:38Puerto Rico Power Authority and Bank Lenders Agree to Postpone...
07/31/201413:09:36New York Fed Report Urges Puerto Rico to Overhaul Policies
07/30/201422:00:23New Cash for Affordable Housing
07/29/201413:06:07Ruble at 10-Week Low on Russian Sanctions
07/28/201418:40:20Currency Trading Falls Into Torpor
07/28/201410:30:14U.S. Foreign-Exchange Trading Drops
07/28/201410:20:12U.K. Foreign-Exchange Trading Rises
07/22/201413:03:18Judge Delays Decision on Argentine Bonds
07/22/201412:53:15U.S. Judge Delays Decision on Paying Some Holders of Argentine...
07/17/201413:20:15FINRA Securities Arbitration System to Be Examined
07/17/201413:00:39Advocates, Industry Executives to Examine FINRA Securities Arbitration...
07/17/201411:46:53ZF Said Able to Raise TRW Bid to as Much as $13 Billion -Bloomberg
07/17/201401:49:16UBS Sees Ford F-150 Gaining Market Share
07/15/201416:33:45India Shares Close Higher on Global Cues, Positive Economic Data
07/14/201420:06:32Citigroup Reaches $7 Billion Pact to Resolve Mortgage Probe...
07/14/201418:35:14MARKET SNAPSHOT: U.S. Stocks: Dow Closes Above 17,000
07/14/201418:34:20BOND REPORT: Treasurys Slide As Risk Assets Take Spotlight
07/14/201418:32:57BOND REPORT: Treasurys Fall As Investors Pile Into Risk
07/14/201418:30:00MARKET SNAPSHOT: U.S. Stocks Rise On Earnings, M&A News

Citigroup and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad