Citigroup yesterday introduced a “poison pill” that discourages investors from buying more than 5 per cent of its shares and deters large shareholders from raising their stakes in an effort to protect a $43bn tax benefit.
Citi's surprise move came as the company launched its long-awaited $58bn conversion of preferred shares into common stock, which will leave the US government with a 34 per cent stake and help the bank bolster its battered balance sheet.
Citi's executives argued that the rare provision was not a classic “poison pill” designed to thwart takeover attempts because it would not be triggered if the bank received a bid.
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