Simpson Thacher Represents Treasury in Planned Sale of Citigroup Common Stock
04.27.10
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Simpson Thacher is representing the U.S. Department of the Treasury in connection with its plan to sell approximately 7.7 billion shares of Citigroup common stock. On April 26, 2010, Citigroup filed a prospectus supplement with the SEC covering Treasury’s sale of Citigroup common stock.
Treasury will begin selling its common shares in the market in an orderly fashion under a pre-arranged written trading plan with Morgan Stanley, Treasury’s sales agent. Initially, Treasury will provide Morgan Stanley discretionary authority to sell up to 1.5 billion shares under certain parameters. Treasury expects to provide Morgan Stanley with authority to sell additional shares after this initial amount.
The Simpson Thacher team included Andy Keller and Xavier Kowalski (Corporate) and Marcy Geller (Tax).