American International Group, Inc. (NYSE:AIG) announced that the U.S. Department of the Treasury has priced an offering of almost 553.8 million shares of its AIG common stock at an initial public offering price of $32.50 per share. Treasury also granted a 30-day option to the underwriters for the offering to purchase as much as an additional 83.1 million shares to cover over-allotments, if any. Also AIG has agreed to purchase about 153.8 million shares of AIG common stock in the offering at the initial public offering price for an aggregate purchase amount of approximately $5 billion. Currently, treasury owns approximately 53.4 percent of AIG’s common stock outstanding. Upon completion of this offering and a $5 billion share repurchase at the initial public offering price of $32.50 per share, Treasury would own nearly 21.5% percent of AIG’s common stock then outstanding, which is approximately 15.9 percent if the over-allotment option is exercised in full.
Bank of America Corp (NYSE:BAC) along with JPMorgan Chase (NYSE:JPM) are assisting clients in finding an extra $2.6 trillion to back derivatives trades amid signs that a shortage of quality collateral that will erode efforts to keep the financial system safe, according to Bloomberg.
Sprint Nextel Corporation (NYSE:S): On Tuesday, the company announced that the Nexus S 4G and Galaxy Nexus are to be the first two Android phones in its lineup to get the Android 4.1 Jelly Bean upgrade. The carrier stated that the over-the-air update is currently rolling out to customers. The update is to be automatically downloaded to the device, at which point users are to receive a prompt to install it.
Sirius XM Radio Inc (NASDAQ:SIRI) used today to announce the launch of Rock the Grey Cup, which is a fan voting competition that should give one aspiring Canadian band from a CFL city the opportunity to perform live at the 100th Grey Cup Festival in Toronto on November 17-25.
Nokia Corporation (NYSE:NOK): Nokia Siemens Networks is currently talking with various companies to sell its business support systems unit, CEO Rajeev Suri stated, Reuters reports.
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