Skip to main content

Translate

Government May to 36 pct. Citigroup

Citigroup Inc said Friday, one agreement, which the government of a stake of 36 percent in the bank battle.

The government, with other investors are a part of the preference shares into ordinary shares at Citi.

Citi exchange offer of 27.5 billion U.S. dollars of its shares owned by private investors, the price for the conversion of $ 3.25 per share, representing a premium of 32 percent to the closing price on Thursday of 2.46 $. The government is in the amount of $ 25 billion of preferred shares, in the moment, the same price.

If the amount for the conversion of preferred shares, common shares will participate in the autumn in the possession of around 26 percent.

The conversion of Citi, the combination allows for the provision of capital for the continued support for the weakening of the economy.

The Government of Singapore Investment SA, Saudi Prince Alwaleed Bin Talal, Capital Research Global Investors, Capital World Investors are among those who have said that private investors to participate in the exchange.

One of the banks that are most affected by the crisis in international credit markets, Citi has already 45 million U.S. dollars in cash from the government and the guarantees for the protection of the majority of losses of 300 billion U.S. dollar venture.

Under the agreement for the exchange, the U.S. Treasury or by 20 billion U.S. dollars of preferential shares in preferred shares rank higher than the rate of 8 percent of the cash dividend.

Citigroup said that the government does not increase property taxpayers more money. The government currently holds about 8 percent in Citi.

Under the agreement underlines Citi's dividend on common shares and preferred shares.

Citi also reshaping its Management Board, Richard Parsons, president of the bank, said in a statement. The Council has a new majority of independent directors as early as possible, says Parsons.

The company has also said he has an impairment of goodwill of USD 9.6 million due to the deterioration of the financial markets.

The differences in the load was in Citi results during the year 2008 with $ 374 million in connection with the devaluation of Nikko Asset Management. The accusations from Citi in the review in 2008 the loss of 27.7 billion U.S. dollars, or $ 5.59 per share.

Citi's shares fell 56 cents, or 22.7 percent to 1.90 $ in advance of negotiations.
Post a Comment

Popular posts from this blog

New Criss-Crossing Tape Sculptures From Megan Geckler's

On show at the The state of utah Art gallery of Modern Art until Feb 23 are Megan Geckler's new site-specific installations designed with her trademark content - flagging tape. Using cautious statistical computations, she changes the space with shiny jolts of shade. The show, named“No chance to move backwards and see,” attracts from geometrical illusionism and concepts of style. Not only will guests get to see several of her flip sculptural performs, they'll also come experience to deal with with her wonderful weaved walls painting.

MasterCard Makes simpler Purchasing with Release of PayPass Pockets Services

MasterCard (NYSE:MA) today declared PayPass Pockets Solutions, a new international providing for financial institutions, suppliers and associates that will create it quicker and simpler for their customers to shop in stores or on the internet by enabling them to safely pay with a easy computer mouse click, touch of the product screen or tap of the mobile phone.

The Diving Horses of Atlantic City

For nearly half a century, Atlantic City, in New Jersey, United States, was home to an attraction almost too fantastical to believe—an apparently fearless horse with a young woman on its back would leap off a tower some 40 feet high into a pool of water below. The stunt took place at Atlantic City's popular venue Steel Pier, where trained horses took the plunge up to four times a day and seven days a week.