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American Intl. Group (AIG : NYSE : US$28.41)
The U.S. Treasury Department is selling 206.9 million AIG shares for $29 a piece as it looks to wind down bailout programs from the 2008 financial crisis.
In a statement released Thursday, March 8 the Treasury said it expects to
earn about $6 billion from the sale and that AIG had agreed to by roughly half of the offering. The Treasury last sold shares of AIG in May 2011, also at a price of $29 per share, cutting its stake from 92% to 77%.
The most recent sale cuts the Treasury’s stake to roughly 70% according to Bloomberg. Additionally, AIG and the treasury announced a plan to repay $8.5 billion in obligations to the government. The insurer will use $5.6 billion from the expected proceeds of the AIA share sale, $1.6 billion
from the wind down of a Federal Reserve controlled vehicle and $1.6 billion from the proceeds of a sale to MetLife (MET) completed in 2010. As the economy strengthens and the market climbs, the Treasury looks to continue unwinding bailouts.
It still holds a majority stake in Ally Financial and has a significant stake in General Motors (GM).
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