Friday, August 10, 2012
Davis Polk advised the United States Department of the Treasury (Treasury) in connection with its offering of approximately 188.5 million shares of common stock of American International Group, Inc. (AIG), which included the full exercise of the underwriters' over-allotment option, representing proceeds to Treasury of approximately $5.75 billion. AIG agreed to purchase approximately 98.4 million shares in the offering, representing approximately $3.0 billion of Treasury’s proceeds from the sale. The offering reduced Treasury’s remaining investment in AIG to approximately 871.1 million shares of common stock and reduced Treasury’s percentage ownership of AIG’s outstanding shares of common stock from 61% to approximately 53%.
AIG is a leading international insurance organization serving customers in more than 130 countries. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
The Davis Polk capital markets team includes partner John M. Brandow and associates Sarah Whittington and Robby Sen. All members of the Davis Polk team are based in the New York office.
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