The US government will this week take a 34% stake in Citigroup following Sunday’s completion of a long-awaited $58bn share offering. The move is a milestone in a crisis that has seen Washington rescue some top institutions. Citi announced Sunday night that nearly all non-government holders of preferred shares had agreed to convert them into common stock, enabling the government to complete the exchange of its $25bn of preferred shares in the next few days.

This entry was posted by Gwen Robinson on Monday, July 27th, 2009 at 5:04 and is filed under Capital markets. Tagged with citi. Edit this entry.