Deals
U.K. Government Sees $95 Million Profit on First Lloyds Sale
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The U.K. government made about 60 million pounds ($95 million) in profit on a first sale of its stake in Lloyds Banking Group Plc, in a move toward full private ownership of Britain’s largest mortgage lender.
UK Financial Investments Ltd., which oversees the government stake, sold 4.28 billion shares for 3.2 billion pounds, or about 6 percent of the company’s issued stock, the London-based body said in a statement today. The shares were priced at 75 pence, a 3.1 percent discount to yesterday’s closing price and above the 73.6 pence the U.K. originally paid after providing a 20 billion-pound bailout in 2008.