Morgan Stanley details plans to spin off Discover
From the Associated Press
Morgan Stanley outlined its long-expected plans to spin off its Discover operation, saying it would distribute shares in the fourth-largest debit and credit card network to the investment bank’s shareholders.
Morgan Stanley had announced Dec. 19 that it would spin off Discover sometime in the next year. The move comes as rival Visa International plans to go public this year, following in the footsteps of MasterCard Inc.’s flotation in May 2006.
