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- $3.3Mn Winning Bid for Lunch with Warren Buffett
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MSSB Has Lost Significant Market Value
January 12, 2012
Morgan Stanley Smith Barney, the joint venture between Morgan Stanley and Citigroup, has lost more than 30% of its market value since the joint venture was formed in June 2009. According to Credit Suisse, the joint venture is currently valued at $15 billion.
Morgan Stanley, which owns 51% of MSSB, has an option to purchase another 14% in May 2012. Credit Suisse says the $3bn disparity between the carrying values of the Morgan Stanley and Citigroup stakes is a key financial consideration to getting a deal done.
Credit Suisse outlines 4 potential capital-use scenarios for Morgan Stanley related to MSSB, saying the optimal outcome for shareholders would be a combined MSSB buy-in and modest share-repurchase program. [WSJ 1/12/12]
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