FINANCIAL TIMES: The US Treasury plans to sell AIG shares worth up to $6.9bn in the latest stage of a gradual selldown of the 77 per cent stake it still owns in the insurer after its $180bn bail-out in 2008.
AIG shares have risen 27 per cent so far in 2012, closing on Wednesday at $29.45, higher than the threshold that would allow the Treasury to make a profit on shares sales. AIG said it will buy back up to $3bn worth of Treasury shares.
“The people of AIG have achieved another significant milestone in our progress towards our goal that American taxpayers recoup their entire investment in AIG at a profit,” said Robert Benmosche, AIG chief executive… (more)
EDITOR Who would have believed?
