May 7, 2012
The US Treasury is to sell $5 billion worth of shares in American International Group Inc. (AIG) in a stock offering, with the bailed-out insurer buying $2 billion.
AIG, seen as a symbol of the excesses that epitomized the global financial meltdown in 2008, was saved from almost certain bankruptcy in September that year by the US government.
The Treasury announced in a statement Sunday that it would sell 163,934,426 shares of its AIG common stock at $30.50 per share in an underwritten public offering, its third such sale since the government intervened at the company.
â€śThe aggregate proceeds to Treasury from the common stock offering are expected to be approximately $5.0 billion,â€ť the statement said.
This article was posted: Monday, May 7, 2012 at 7:52 am