American International Group Inc. (AIG: Quote) announced the completion of an offering of approximately 234.2 million shares of AIG common stock by the U.S. Department of the Treasury. Treasury received proceeds of approximately $7.6 billion from the sale.
The company said that the sale of these shares - the last of Treasury's remaining shares of AIG - marks the full resolution of America's financial support of AIG.
Since September 2008, America committed a total of $182.3 billion in connection with stabilizing AIG during the financial crisis. Since then, through asset sales and other actions by AIG, the Federal Reserve, and Treasury, America recovered its $182.3 billion plus a combined positive return of $22.7 billion.
Beginning in May 2011, Treasury sold approximately 1.7 billion shares of AIG common stock in six public offerings for total proceeds of approximately $51 billion, including approximately $13 billion purchased by AIG. Treasury continues to hold warrants to purchase approximately 2.7 million shares of AIG common stock.
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by RTT Staff Writer
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