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Article: LEGG MASON COMPLETES STRATEGIC TRANSACTION WITH CITIGROUP.
- Article from:
- AsiaPulse News
- Article date:
- December 2, 2005
CopyrightCOPYRIGHT 2005 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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(Full text of a statement. Contact details below)
BALTIMORE, Md., Dec. 2 /Xinhua-PRNewswire-AsiaNet/ - Legg Mason, Inc. (NYSE: LM) announced today that it has completed its strategic transaction with Citigroup, according to which it has acquired substantially all of Citigroup's worldwide asset management business in exchange for (1) Legg Mason's private client brokerage and capital markets businesses, (2) 5,393,545 newly issued shares of Legg Mason common stock, (3) non-voting convertible preferred stock, which is convertible upon sale into 13,346,632 shares of Legg Mason common stock, and (4) approximately US$500 million in cash*. The transaction was originally ...
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