Treasury to Sell Warrants For Citigroup Stock

Published by: Dave Simmons on 24th Jan 2011 | View all blogs by Dave Simmons
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Treasury to Sell Warrants For Citigroup Stock

The US Treasury Department announced on Monday it will soon offer two separate groups of warrants to sell its stake in Citigroup Inc. which it acquired through the bank's bailout at the height of the financial crisis.  The auctions will be held Tuesday, January 25th through a modified Dutch auction and Deutsche Bank Securities will serve as Treasury's agent in the sale.

For sale at the event will be 255,033,142 A Warrants and 210,084,034 B warrants.  The auctions will begin at 8 AM ET and conclude at 6:30 PM.  Bidding will start at 60 cents per for the A warrants and 15 cents per for the B warrants.

The Treasury unloaded the last of its common stock holdings in Citigroup in December, announcing that it had made a $12 billion profit off of the $45 billion bailout of Citigroup at that time.  The warrants up for sale Tuesday were acquired at no cost and any proceeds will boost the government's profit from the bailout.

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