NU Online News Service, May 28, 10:14 a.m. EDT
American International Group, Inc. announced it will sell off a huge piece of its stake in reinsurance giant Transatlantic Holdings, worth nearly $1 billion.
The taxpayer-supported insurer said a preliminary prospectus supplement filed with the Securities and Exchange Commission calls for the sale of 26 million shares, worth $984,620,000 at yesterday's closing price of $37.87 per share.
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