Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Nuveen on the Block Not Rated 2.3 Email Routing List Email & Route  Print Print
Tuesday, March 1, 2005

Nuveen on the Block

Reported by Sean Hanna, Editor in Chief

Will St. Paul Travelers Cos. be able to get its asking price for its controlling stake in Nuveen Investments? That question was raised by the Wall Street Journal Tuesday. St. Paul is selling its 79 percent stake in Nuveen as part of an effort to build its cash hoard. Morgan Stanley and Merrill Lynch are St. Paul's advisor on the deal.

Nuveen, which is publicly traded, carries a market cap of about $3.8 billion. That could be more than any buyer wants to pay, reports the paper. Still, while the price may mean that only larger firms could consider pulling the trigger on a deal, Nuveen may not be overvalued.

The firm manages $115 billion and added $8.1 billion in new assets in the fourth quarter of 2004. At its current price, it is valued at 3.3 percent of assets under management, an amount in line with other deals, albeit on the high side.

Still, that price may be hard to obtain in a rush, and St. Paul is reportedly in a rush. The paper says it wants to find a buyer by the end of June. If it can't it may resort to selling its shares in the secondary market.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

2.3
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use