Treasury moves on plan to sell Citigroup common stock
The US Department of the Treasury today announced the next steps in its plan to sell approximately 7.7bn shares of Citigroup common stock. To enable such sales, Citigroup has filed a prospectus supplement with the Securities and Exchange Commission covering Treasury's sale of this 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 with discretionary authority to sell up to 1.5bn shares under certain parameters. Treasury expects to provide Morgan Stanley with authority to sell additional shares after this initial amount.