Citadel is further seeking to reduce its stake in U.S. online broker, E*trade Financial. The hedge fund, Citadel Equity Fund, is selling around 27.5 million shares of E*trade, which will not receive any proceeds from the proposed offering. The offering, which is expected to be completed by April 29, will be underwritten by Morgan Stanley. Chicago-based Citadel will have an almost 10% ownership after the sale, adds Bloomberg.
Click here for the release from Business Wire.
Click here for additional coverage from Bloomberg.