Upon the closing of the most recent transaction, expected Friday, the U.S. Department of the Treasury will have sold the last of its remaining shares of American International Group Inc. (AIG) common stock.
The Treasury has priced an offering of approximately 234.2 million shares of AIG common stock at a price to market of $32.50 per share.
Back in 2010, AIG Chief Executive Robert Benmosche said he was confident
“We are very pleased to repay 100 percent of all that America invested in AIG plus a total combined positive return—or profit—of $22.7 billion,” Benmosche said. “On behalf of the 62,000 employees of AIG, it is my honor and privilege to thank America for giving us the opportunity to keep our promise to make America whole on its investment in AIG plus a substantial profit. Thank you America. Let’s bring on tomorrow.”
Since September 2008, America committed a total of $182.3 billion in connection with stabilizing AIG during the financial crisis. Since then, through asset sales and other actions by AIG, America recovered $182.3 billion and earned a combined return of $22.7 billion, according to AIG.
After the closing of today's offering, Treasury will continue to hold warrants to purchase approximately 2.7 million shares of AIG common stock—the sale of which is expected to provide an additional positive return to taxpayers.
