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Morgan Stanley Poised to Sell China International Capital
By Market News Video Staff, Tuesday, November 30, 9:54 AM ET
Morgan Stanley (NYSE:MS) is about to sell its stake in China International Capital Corp. to KKR (NYSE:KKR) and TPG, according to several media reports.
The China Securities Regulatory Commission said it has approved CICC’s application for a large shareholder change.
The private equity firms will reportedly pay more than $1 billion for the stake.
Also today, Feilo Acoustics has reportedly said Morgan Stanley will set up a joint venture with brokerage Fortune Securities.
Morgan Stanley shares are trading down 1.4% Tuesday.
Morgan Stanley is the third-largest holding in the SPDR KBW Capital Markets ETF (AMEX:KCE), at 7.08% of the fund.
State Street (NYSE:STT) and Goldman Sachs (NYSE:GS) are the top two holdings, at 7.95% and 7.69% respectively.
CME Group (CME) is 6.36% of the portfolio, followed by Charles Schwab (SCHW), at 5.54%.
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