Posted AT 12:35 PM EDT on 05/04/05
Morgan Stanley to spin off card
NEW YORK —
Morgan Stanley is planning to spin off its Discover Card division to existing shareholders, ending speculation that the credit card unit might be sold.
The move by embattled Morgan Stanley Chairman and Chief Executive Philip Purcell and his fellow board members still could be trumped if a bidding war for Discover emerges, but analysts saw the planned spinoff as a smart maneuver to deflate arguments raised by dissident investors.
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