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Breakingviews - Valuing Michael Klein is a fascinating sideshow
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Credit Suisse Chief Executive Ulrich Körner has two thorny valuation riddles. He wants Michael Klein to run a soon-to-be-spun-off investment banking unit. Körner must first buy the star rainmaker's eponymous advisory firm and merge it into a newly christened First Boston. Depending on how the two businesses are valued, it could mean a big payday for Klein. Luckily for Körner, that only happens if Credit Suisse shareholders also make money.
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