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Los Angelas, CA -- (SBWIRE) -- 12/12/2012 -- American International Group, Inc. (NYSE:AIG) is an international insurance company, serving customers in more than 130 countries. AIG companies serve commercial, institutional and individual customers through property-casualty networks of any insurer.
American International Group, Inc. (NYSE:AIG) shares recently rose 3.7% to $34.59. The stock is up 13% since mid-November and has risen about 50% this year.
The Treasury Department announced this morning it would sell approximately 234 million common shares — about 15% of AIG’s shares outstanding — at $32.50 in a public offering. The latest sale disposes of nearly the remainder of the government’s holdings in AIG, which was rescued by the government four years ago during the depths of the financial crisis.
The offering is the Treasury’s sixth sale of AIG stock since early last year. Prior to those sales, the government owned 92% of AIG.
The latest sale leaves the U.S. with only one final claim on the insurer: warrants to purchase about 2.7 million shares at an exercise price of $50 a share, a level that was briefly breached in January 2011.
With the government largely now out of the picture, Bernstein’s Stirling sees bullish times ahead.
According to the Treasury’s calculations, the latest sale means the government will register a $22.7 billion profit on its overall AIG bailout.
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