The U.S. Treasury does not have any specific timetable or deadline for exiting its investment in American International Group Inc, but will continue to reduce its stake in an orderly manner, a Treasury official said on Tuesday.
Treasury is "hopeful" that the U.S. government can recover the investments it made in AIG, but will only know for certain when its exit is complete, said Tim Massad, who, in his role as acting assistant for financial stability at Treasury, oversees the Troubled Asset Relief Program.
Treasury sold 15 percent of its stake in AIG on Tuesday, which left it with 77 percent ownership of the insurer.
AIG prices shares at $29 each
American International Group Inc (AIG.N) priced shares in its share sale at $29 each, according to a source familiar with the situation.
AIG and the U.S. Treasury sold 300 million shares, raising about $8.7 billion, according to the source. The source declined to be named as the information is not public.
Bank of America Merrill Lynch, Deutsche Bank Securities, Goldman Sachs & Co and JPMorgan are leading the underwriters on the share sale.
