Why did Morgan Stanley Dean Witter fly its international top brass to an urgently cobbled-together press conference in Madrid, five days after the news leaked of an acquisition so tiny in the grand scheme of its financials that the firm did not even have to report it publicly? Because the deal kicks off the European roll-out of Morgan Stanley Dean Witter’s global strategy.
When the news broke on February 4 that Morgan Stanley Dean Witter was about to buy up 100% of Spain’s largest independent brokerage house, AB Asesores, the talking point was the price – put at anywhere between $342 million and $480 million.
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