Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Tuesday, October 19, 2010

Treasury Continues to Sell Off its Citigroup Shares

The U.S. Department of the Treasury today announced its continued sale of its holdings of Citigroup common stock.  Treasury has entered into a fourth pre-arranged written trading plan under which Morgan Stanley, as Treasury's sales agent, will have discretionary authority to sell 1.5 billion shares of Citigroup common stock under certain parameters.  

Treasury currently owns approximately 3.6 billion shares of Citigroup common stock and expects to continue selling its shares in the market in an orderly fashion. The sale of 1.5 billion additional shares of Citigroup common stock, as authorized pursuant to the fourth trading plan, would bring Treasury's holdings of Citigroup common stock to approximately 7 percent of total shares outstanding – down from a high of approximately 27 percent. It would also mean that Treasury had disposed of nearly three-quarters of its original 7.7 billion share common stock stake in Citigroup.

http://lawprofessors.typepad.com/securities/2010/10/treasury-continues-to-sell-off-its-citigroup-shares.html

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