The U.S. Department of Treasury has launched an offering of $6 billion of its American International Group stock as it moves to recoup the $182 billion in support it offered the failing insurance company during the financial crisis.
The Treasury will offer nearly 207 million shares of AIG at $29 per share, with AIG agreeing to purchase half the stock. The insurance giant will also repay the government’s remaining $8.5 billion investment in AIG-owned AIA Aurora, which holds shares in Hong Kong insurance company AIA Group. AIG expects to fund the repayment primarily with nearly $6 billion in expected proceeds from its March 5 sale of AIA shares.
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