Market Updates
US Treasury Seeks Sale of 33.6% Citi Stake
123jump.com Staff
15 Sep, 2009
New York City
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U.S. Treasury is looking to sell its stake in Citigroup at a profit to taxpayers. The government
[R]9:30 AM New York - U.S. Treasury is looking to sell its stake in Citigroup at a profit to taxpayers. The government’s stake of 7.692 billion shares or 33.6% stake in the troubled bank is sitting on a paper profit of $7.7 billion.[/R]
Treasury Prepares Citigroup Exit Plan
The U.S. Treasury is considering selling its stake in Citigroup as early as next month according to media speculation. The Treasury controls 7.69 billion shares which are trading above the conversion price of $3.25 a share.
Citigroup exchanged 7,692 shares of interim securities and warrants for $25 billion in private exchange offers on July 23. Each interim security automatically converts to one million common stocks. On July 29 Citi exchanged additional 3,846 interim securities with the government for $12.5 billion.
After the public and private exchange offers on July 23 and 29, U.S. Treasury controls 7.7 billion shares or 33.6% of total issued common stock.
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