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BRIEF-Shanda plans to increase stake to up to 15 pct of Legg Mason's common stock
December 19, 2016 / 12:45 PM / a year ago

BRIEF-Shanda plans to increase stake to up to 15 pct of Legg Mason's common stock

Dec 19 (Reuters) - Legg Mason Inc

* Shanda Group plans to increase stake to up to 15 percent of Legg Mason’s common stock as part of long term strategic investment

* Agreement provides that Shanda Group will not acquire more than 15 percent of outstanding common stock during a three year period

* Legg Mason - Agreement for Shanda to invest at least $500 million in Legg Mason affiliate products and name up to 2 members of Legg Mason’s board of directors

* Legg Mason - Deal includes commitment to appoint Tianqiao Chen, CEO of Shanda Group and Robert Chiu to Legg Mason’s board by June 1, 2017 Source text for Eikon: Further company coverage:

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