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Table: Back and Forth


As CEO of the three companies he has merged into one--Primerica, Travelers, and now Citigroup--Sandy Weill keeps flipping assets of Travelers' property-casualty business

DEC. 1992-DEC. 1993

Primerica takes over Travelers in two steps, paying $4.1 billion in cash, stock, and other assets.

Price-book value ratio: 0.9

APRIL, 1996

In an IPO, Travelers sells minority stake in property-casualty unit. Market value of unit: $10 billion

Price-book value ratio: 1.7

APRIL, 2000

Citigroup (C) buys back minority stake in Travelers property-casualty unit. Market value of unit: $16.2 billion

Price-book value ratio: 1.8

MARCH, 2002

Citigroup aims to sell 20% of Travelers property-casualty unit in an IPO. Indicated market value of unit: $17.5 billion

Price-book value ratio: 1.8*

* Book value adjusted down for $1 billion dividend due from Travelers to Citigroup in December, 2002

Data: Company reports, BusinessWeek


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