The News: China International Deal Could Pay Off in More Than Dollars for Morgan Stanley

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Kohlberg Kravis Roberts and TPG Capital are close to buying Morgan Stanley's 34.3 percent stake in China International Capital Corp., one of China's leading investment banks. They'll pay more than $12 billion for the privilege, says The Wall Street Journal. If approved by the government, the deal would allow Morgan Stanley to look for new ways to get into Chinese securities. The firm has long chafed at being essentially a "passive shareholder" in CICC, the Journal says.

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