AIG’s board is set to finalise a restructuring plan today, which paves the way for the US government to sell an 80 per cent stake in the insurer it rescued in 2008 and could contain a sweetener for existing shareholders.
People close to the situation said AIG directors were expected to formally discuss for the first time the US Treasury’s plan to convert $49bn in preferred shares into common stock.
The Treasury could then sell the stock in the market over a period of time as it has with its investment in Citigroup. AIG and the Treasury declined to comment.
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