2009年2月27日星期五

花旗最終步AIG後塵

之前傳出陸續將會有金融機構會被國有化,現在花旗率先步入國有化的命運;或許這是唯一的方案,花旗這種大得不能倒下的機構,政府必定需要全力擁護。在這次國有化中,花旗普通股股東的損失相信會是最大,其次應該是美國政府,美國政府雖然阻止了花旗的倒閉,但是必然也要付出巨大的代價,花旗當中應該有大量有毒資產等待處理。

未來而言,整個金融行業將會作出巨大變革,國有化花旗的行動或許只是2009年第一擊,投資者還要密切留意往後事情的發展。

Citigroup reaches aid deal with government

Citigroup reaches deal that could give the government up to a 36 percent stake in the bank

NEW YORK (AP) -- Citigroup Inc. said Friday it reached a deal that will give the government up to a 36 percent stake in the struggling bank.

The government, along with other private investors, will convert some of their preferred stock in Citi to common shares.

Citi will offer to exchange up to $27.5 billion of its existing preferred stock held by private investors at a conversion price of $3.25 per share, a 32 percent premium over Thursday's closing price of $2.46. The government will match up to $25 billion of preferred stock it currently owns for conversion at the same price.

If the maximum amount of preferred stock is converted, current common stockholders will see their ownership stake fall to about 26 percent.

The conversion will help provide Citi the mix of capital to withstand further weakening in the economy.

The Government of Singapore Investment Corp., Saudi Arabian Prince Alwaleed Bin Talal, Capital Research Global Investors, Capital World Investors are among the private investors that said they would participate in the exchange.

One of the hardest hit banks by the ongoing credit crisis, Citi has already received $45 billion in cash from the government and guarantees protecting it from the bulk of losses on $300 billion of risky investments.

Under the exchange agreement, the Treasury Department's remaining $20 billion in preferred shares will be converted into a more senior preferred stock that carries an 8 percent cash dividend rate.

Citigroup said the increase in government ownership will not require additional taxpayer money. The government currently holds about an 8 percent stake in Citi.

As part of the agreement, Citi will suspend dividends on both its common stock and preferred shares.

Citi will also reshape its board of directors, Richard Parsons, the bank's chairman, said in a statement. The board will have a majority of new independent directors as soon as possible, Parsons added.

The company also said it recorded a goodwill impairment charge of about $9.6 billion due to deterioration in the financial markets.

The goodwill charge was added to Citi's 2008 results along with a $374 million impairment charge tied to its Nikko Asset Management unit. The charges resulted in Citi revising its 2008 loss to $27.7 billion, or $5.59 per share.

Shares of Citi tumbled 56 cents, or 22.7 percent to $1.90 in premarket trading.

2 則留言:

匿名 說...

larry,

32%的溢價都能將花旗的股價穩住在$2.46元,可見背後的風险.貨幣戰爭的作者說馬克思在資本論中己預見了今天的銀行國有化的局面,如果真是這樣,馬克思不愧是偉大的思想家.不知人类社會是否真能如馬克思所說最終是到達美好的共產主义呢?哈哈.

Larry 洪龍荃 說...

謝謝你的留言! 哈哈!馬克思確實是一名令人佩服的思想家,我一直也很想看他的書,不過總是沒有實行,或許在今年的暑期裡,我再好好研讀。