logo
Share SHARE
FONT-SIZE Plus   Neg

AIG Announces Completion Of U.S. Treasury's $7.6 Bln Offering Of Stock

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

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Denver, Colorado based low-cost carrier Frontier Airlines will expand its services to 21 cities. The airline which serves 80 cities in the U.S., Mexico and the Dominican Republic is planning to add 85 new routes. Abbott Laboratories (ABT) reported a profit for the second-quarter 2017 declined about 54.1 percent from last year, hurt by higher costs. Both adjusted earnings per share and quarterly revenues topped analysts' expectations. Abbott raised its full-year 2017 earnings per share guidance range. Consumer goods giant Unilever plc reported Thursday higher profit in its first half, with increased sales and margin. Looking ahead, the company said it is on track for another year of underlying sales growth ahead of markets.
comments powered by Disqus
Follow RTT