American International Group Inc. (AIG) shares were priced at $32.50 each in an offering by the U.S. Treasury Department as the government winds down a stake acquired in a bailout of the insurer, according to two people familiar with the sale.
The people asked not to be identified because the U.S. hadn’t made an announcement about the sale of stock in the New York-based company. Matt Anderson, a Treasury spokesman, declined to comment. The offering price is below AIG’s close of $33.36 on the New York Stock Exchange today.
The U.S. took over the company in 2008 to save the global economy from collapse. The latest offering is Treasury’s sixth of AIG shares since the $182.3 billion bailout, cutting its stake from as high as 92 percent. Treasury said earlier today that it was offering all of its 234.2 million remaining shares.
“AIG is a different company today than it was four years ago,” Chief Executive Officer Robert Benmosche, 68, said in a Dec. 9 memo to employees. “We’re leaner, more focused, and hungry for tomorrow.”