September 17 2012 – Law Firm Newswire Service –
Davis Polk advised the United States Department of the Treasury (Treasury) in connection with its offering of approximately 636.9 million shares of common stock of American International Group, Inc. (AIG), which included the full exercise of the underwriters’ over-allotment option, representing proceeds to Treasury of approximately $20.7 billion. AIG agreed to purchase approximately 153.8 million shares in the offering, representing approximately $5 billion of Treasury’s proceeds from the sale. The offering reduced Treasury’s remaining investment in AIG to approximately 234.2 million shares of common stock and reduced Treasury’s percentage ownership of AIG’s outstanding shares of common stock from approximately 53.4% to approximately 15.9%. The offering was the largest common stock offering (IPO or follow-on) in U.S. history.
AIG is a leading international insurance organization serving customers in more than 130 countries. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
The Davis Polk team includes partner John M. Brandow and associate Robby Sen. All members of the Davis Polk team are based in the New York office.