NEW YORK (
) -- The Treasury Department and
American International Group
have picked four banks to handle efforts to divest the government's huge stake in the insurer, according to multiple media reports.
According to the
Wall Street Journal
New York Times
and others, the chosen firms are
Bank of America
AIG shares closed Tuesday at $53.17, down 1.5%. Since hitting a 52-week high of $62.87 on Jan. 7, the stock has pulled back 15%.
On Friday, AIG
that included its repayment of funds owed to the Federal Reserve Bank of New York and the conversion of preferred stock held by the Treasury via its massive bailout of AIG into common shares that equate to roughly 92% of AIG's outstanding common stock.
The New York Times said the banks were chosen as bookrunners after as many as 10 firms made pitches to AIG and Treasury officials last Thursday.
Written by Michael Baron in New York.
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