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E-Trade: top shareholder will sell all its shares

NEW YORK (AP) -- E-Trade Financial Corp. said Wednesday that its biggest shareholder, Citadel Equity Fund Ltd., plans to liquidate its entire position in the company.

The online financial services provider said Citadel will sell the 27.4 million shares it owns in an offering that should close on Tuesday. E-Trade won't get any proceeds from the sale.

FactSet says Citadel owns a 9.6-percent stake in E-Trade.

E-Trade shares rose 42 cents, or 3.7 percent, to close at $11.82 Wednesday. The stock lost 57 cents, or 4.8 percent, to $11.25 in after-hours trading.