Financial and Banking News

INVESTMENT ACTIVITIES

Arab stake in Smith Barney Sold

With the $750mn sale of the whole of Smith Barney, Harris and Upham to Primerica, the group of 33 Arab investors who put up a 22% stake in the New York retail brokers have also sold out their share (MEES, 25 May). Primerica's purchase price is valued at 2.14 times book value, which exceeds the price being asked for by the Arab investors, who bought into Smith Barney for $40mn in 1982 and have sold for...