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E*trade says Citadel selling 27.5 million shares

Reuters – E*trade Financial Corp said on Monday that hedge fund Citadel LLC plans to further cut its stake in the U.S. online broker.

Citadel Equity Fund Ltd is selling 27.5 million shares in an offering underwritten by Morgan Stanley. E*Trade will not receive any proceeds from the proposed offering, the brokerage said in a statement.

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