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March 12, 2010
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For Immediate Release
Chicago, IL – March 12, 2010 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: American International Group Inc. (AIG), Transatlantic Holdings Inc. (TRH), Goldman Sachs Group Inc. (GS), Wells Fargo & Company (WFC) and Bank of America (BAC).
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Here are highlights from Thursday’s Analyst Blog:
AIG Sees $490M on Stake Sale
American International Group Inc.’s (AIG) expects $490 million from its stake sale in the reinsurance company Transatlantic Holdings Inc. (TRH).
Last Friday, the company announced its plan to sell its remaining 14% stake in Transatlantic owned by American Home Assurance Company (AHAC), an AIG subsidiary.
Last Tuesday, the offering of 8,466,693 shares of Transatlantic’s common stock was priced at $53.35 each. The underwriters of the offering include Goldman Sachs Group Inc. (GS), Wells Fargo Securities of Wells Fargo & Company (WFC) and BofA Merrill Lynch, a part of Bank of America (BAC). They have a 30-day option to purchase up to an additional 725,969 shares of Transatlantic common stock from AHAC.
In total, the offering would generate proceeds of around $490 million for AIG. Last year, AIG raised over a billion from selling a part of its Transatlantic stake.
AIG, which received federal support worth $182.5 billion, has been trying for the past several quarters to sell assets and streamline its operations in an effort to repay the bailout money.
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