Deals
U.S. Will Sell $6 Billion of AIG Shares to Cut Bailout Stake
This article is for subscribers only.
The U.S. Treasury Department is selling $6 billion in shares of American International Group Inc., the insurer rescued in 2008 after it suffered losses tied to wrong-way bets on the mortgage market.
AIG plans to purchase as much as $3 billion of the sale, the Treasury said yesterday in a statement. Orders were received for all of the shares, which were offered at $29 apiece, and the books are closed, according to two people with knowledge of the deal who declined to be identified because the process is private. The department sold 200 million shares of New York-based AIG in May at $29 each, cutting its stake to 77 percent.