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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
07/30/201517:10:30Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/30/201516:45:20Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/30/201516:12:45Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/30/201516:03:38Current Report Filing (8-k)
07/30/201516:03:38Current Report Filing (8-k)
07/30/201516:02:17Current Report Filing (8-k)
07/30/201516:01:52Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/30/201515:51:29Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/30/201515:41:21Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/30/201515:35:39Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/30/201515:03:15Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/30/201514:28:35Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/30/201513:42:38Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/30/201513:02:46Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/30/201510:57:40Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
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07/29/201517:12:39Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
07/29/201517:03:38Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)

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