Provides a solid Asia Special Situations Porfolio, Stock Market News, Stock Gurus News, Business Analysis and some fun here.
Friday, July 23, 2010
Treasury plans to sell 30% more of its Citi stake
WASHINGTON (MarketWatch) -- The Treasury Department announced Friday that it intends to sell an additional 30% of its remaining 5.1 billion Citigroup common shares. Treasury said has given its agent, Morgan Stanley, the authority to sell 1.5 billion shares. Treasury has already sold 2.6 billion Citi /quotes/comstock/13*!c/quotes/nls/c (C 4.01, -0.08, -1.96%) shares in return for $10.5 billion in gross proceeds. Treasury said the trading plan will end on Sept. 30 even if all shares have not been sold because of the blackout period set by Citi in advance of its third quarter earnings release. The government received 7.7 billion shares of Citigroup common stock last summer, the result of several bailouts of the financial-services giant