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Trian to sell Legg Mason stake to Singapore-based investing holding company

Shanda Group agreed to buy substantially all of the common shares ownedby Trian Fund Management LP,representing a 9.9% interest of total outstanding Legg Mason common shares as ofApril 12.

Trian is selling the shares for portfolio management reasons,Legg Mason said in an April 12 news release.

Shanda is a Singapore-based global investing holding company.

Citigroup acted as the placement agent and exclusive financialadviser on the transaction.