NEW YORK (AP) - The Treasury Department is selling $5 billion worth of stock in bailed-out insurance giant American International Group Inc. for $30.50 per share.
AIG will buy about $2 billion worth of the stock. The remaining $3 billion will be offered to investors in a public offering. The government may sell another 24.6 million shares if there's demand for the stock.
Treasury has owned a majority of AIG since the 2008 financial crisis. AIG, based in New York, received the biggest bailout of any single company, worth a total of $182 billion.
This is Treasury's third sale of AIG shares. After the sale, Treasury will have a 63 percent stake in AIG stock.
AIG shares closed Friday at $32.83.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
'Star Trek' falls short of studio hopes; 'Iron Man 3' tops $1B worldwide.
Taylor Swift and Justin Bieber are the key nominees.
Weinstein showcases Kelly and Mandela films at Cannes.
Conn. zoo officials don't know how this baby came to be born.