AIG Sells Almost $10 Billion In MetLife Shares
AIG Sells Almost $10 Billion In MetLife
Shares
American International Group has reportedly sold shares of MetLife Inc. worth about $9.6 billion. The move has produced nearly $6.3 billion in gross revenue for the insurer which it will use to accelerate the repayment of taxpayer bailout funds to the US Treasury.
According to statements from AIG as well as Treasury, the company managed to unload 146.8 million shares of MetLife common stock Wednesday at $43.25 per share. The company expected the sale to take about twwo days but managed to complete it in just one, a source close to the matter said.
“We are optimistic about the prospects that taxpayers will recover every dollar invested in AIG - something many thought would be impossible when these investments were first made,” said Treasury official Tim Massad.
The $9.6 billion deal included about $3.3 billion in preferred stock, and other securities that were received as part of MetLife's $16.2 billion acquisi9tion of AIG's Alico International Insurance division. The preferred shares, however, will reportedly be placed in an indemnity escrow account which will be used over a two-year period to pay down Treasury's preferred share interests in AIG.
AIG's total bailout bill totaled $182 billion at one time. Currently, the US government maintains a 92.2 percent stake in the insurer's common stock in addition to preferred interests in a pair of funds holding the MetLife interests, shares in AIA Group and other assets. Treasury is tentatively scheduled to launch a substantial offering of AIG stock, worth at least $15 billion, in the latter part of May.
American International Group has reportedly sold shares of MetLife Inc. worth about $9.6 billion. The move has produced nearly $6.3 billion in gross revenue for the insurer which it will use to accelerate the repayment of taxpayer bailout funds to the US Treasury.
According to statements from AIG as well as Treasury, the company managed to unload 146.8 million shares of MetLife common stock Wednesday at $43.25 per share. The company expected the sale to take about twwo days but managed to complete it in just one, a source close to the matter said.
“We are optimistic about the prospects that taxpayers will recover every dollar invested in AIG - something many thought would be impossible when these investments were first made,” said Treasury official Tim Massad.
The $9.6 billion deal included about $3.3 billion in preferred stock, and other securities that were received as part of MetLife's $16.2 billion acquisi9tion of AIG's Alico International Insurance division. The preferred shares, however, will reportedly be placed in an indemnity escrow account which will be used over a two-year period to pay down Treasury's preferred share interests in AIG.
AIG's total bailout bill totaled $182 billion at one time. Currently, the US government maintains a 92.2 percent stake in the insurer's common stock in addition to preferred interests in a pair of funds holding the MetLife interests, shares in AIA Group and other assets. Treasury is tentatively scheduled to launch a substantial offering of AIG stock, worth at least $15 billion, in the latter part of May.
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