American International Group Inc. (AIG) 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.
by RTT Staff Writer
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