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Treasury to Sell AIG Shares for $5B

The U.S. Treasury has agreed to cut its ownership stake in American International Group Inc to 63 percent by selling 163.9 million shares for approximately $5 billion, with the insurer agreeing to buy back about $2 billion worth.

By Reuters | Updated on May 07, 2012

(Reuters) – The U.S. Treasury has agreed to cut its ownership stake in American International Group Inc to 63 percent by selling 163.9 million shares for approximately $5 billion, with the insurer agreeing to buy back about $2 billion worth.

The U.S. government, which currently owns 70 percent of AIG common stock, acquired its shares as part of a $182 billion bailout of the insurer in 2008, the largest-ever rescue of a single corporation, and is gradually exiting its investment.

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