E*TRADE Financial Shareholders Approve Morgan Stanley Deal

The consolidation of the online brokerage segment has taken another big step forward. On Friday, E*TRADE Financial (NASDAQ: ETFC) announced that its shareholders voted overwhelmingly to approve their company's merger with white-shoe financial services mainstay Morgan Stanley (NYSE: MS).

E*TRADE said that 99% of its investors voted in favor of the deal, according to a preliminary count. The merger, which in effect is an acquisition by Morgan Stanley of its peer, was agreed to by both companies in February. It will be transacted entirely in Morgan Stanley stock and is valued at roughly $13 billion.

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Source Fool.com