Under the JVagreement which the two firms struck in 2009 Morgan Stanley can exercise options to purchase the remaining 49% from Citi in in the following amounts and times: May 31, 2012 it can purchase an additional 14%, May 31, 2013 another 15% and May 31 2014 it can buy up the remaining interest from Citi.
So it is a curious development to hear today it has been announced that SAAB Automobile and BMW reached an agreement to allow the Swedish group to use engines developed by BMW. The first element of the JV will be for engines to be deployed in the new 9-3 that will appear in late 2012.