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INSTINET TO GO PUBLIC BY MIDDLE OF 2001
Reuters is spinning off its subsidiary Instinet in an initial public offering. Instinet has filed for an IPO with the Securities and Exchange Commission to sell up to $450 million of common stock, and the company plans to apply for listing on Nasdaq. Reuters will continue to be Instinet's majority shareholder, and Instinet will use some of the funds to repay $200 million to Reuters. Instinet is an electronic agency securities broker.
DJ, MILANO FINANZA
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