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Citi's Gallipoli

13 January 2009 By Antony Currie

Wedging Smith Barney into a Morgan Stanleyrun JV puts a lower value on the unit than the megabank could have got a year ago. But it frees up some cash and gussies up its capital on an accounting basis. It also keeps a 49% stake and can share in synergies worth some $8bn.

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