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 Abu Dhabi to Citi's rescue using its oil money. |
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ceo/cfo
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头衔: 海归中将
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加入时间: 2004/11/05
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
败也萧何，成也萧何？
ZT Citigroup Inc., seeking to restore investor confidence amid massive losses due in credit markets and a lack of permanent leadersh
ip, is receiving a $7.5 billion capital infusion from the investment arm of the Abu Dhabi government.
The investment by the Abu Dhabi Investment Authority will help rebuild Citigroup's capital levels, which have been eroded by a credit crunch that began in the summer. Citigroup Chief Executive Officer and Chairman Charles Prince resigned earlier this month after the bank, which had already written off billions of dollars, said it was facing as much as $11 billion more in losses.
• The News: Citigroup is receiving a $7.5 billion capital infusion from the Abu Dhabi government's investment arm.
• The Background: The investment will help rebuild capital levels, diminished by the credit crunch. CEO Prince resigned earlier this month after the bank, which had already written off billions of dollars, said it faced up to $11 billion more in losses.
• The Stake: The Abu Dhabi Investment Authority will become one of the bank's biggest shareholders, with an interest of no more than 4.9%.Citigroup announced the transaction last night.
As a result of the deal, the investment authority known as ADIA will become one of Citigroup's largest shareholders, with a stake of no more than 4.9%. The stake will exceed that of Saudi Prince Alwaleed bin Talal, long known as one of Citigroup's largest shareholders, according to a person familiar with the situation.
"This investment, from one of the world's leading and most sophisticated equity investors, provides further capital to allow Citi to pursue attractive opportunities to grow its business," said Sir Win Bischoff, the bank's acting chief executive officer, in a statement.
The investment underscores the growing role that Middle Eastern investors are taking outside their home turf. Separately yesterday, an investment company owned by Dubai's ruler, Sheikh Mohammed bin Rashid al-Maktoum, bought a stake in Sony Corp. ADIA, which has almost $1 trillion under management, this summer bought a small stake in Apollo Management LP. (See related article.)
"This investment reflects our confidence in Citi's potential to build shareholder value," said ADIA's Managing Director, Sheikh Ahmed Bin Zayed Al Nahayan.
In exchange for its investment, ADIA will receive convertible stock in Citigroup yielding 11% annually. The shares are required to be converted into common stock at a conversion price of between $31.83 and $37.24 a share over a period of time between March 2010 and September 2011. The investment, which came together in about a week, is expected to close within the next several days.
Citi is paying a higher interest rate than companies that borrow on the high-yield, or junk-bond, market; currently they pay roughly 9% for straight bonds. Typically, convertible bonds pay lower interest rates than straight bonds, although a particular bond's structure could affect the interest rate paid.
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 Abu Dhabi to Citi's rescue using its oil money. -- ceo/cfo - (3069 Byte) 2007-11-27 周二, 21:14 (844 reads)
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