Treasury to sell $5B in AIG stock

Treasury to sell $5B in AIG stock

NEW YORK

The Treasury Department is selling $5 billion worth of stock in bailed-out insurance giant American International Group Inc. for $30.50 per share.

AIG will buy about $2 billion worth of the stock. The remaining $3 billion will be offered to investors in a public offering. The government may sell an additional 24.6 million shares if there’s demand for the stock.

Treasury has owned a majority of AIG since the 2008 financial crisis. AIG, based in New York, received the biggest bailout of any single company, worth a total of $182 billion.

This is Treasury’s third sale of AIG shares. After the sale, Treasury will have a 63 percent stake in AIG stock.

IAMAW employees ratify new contract

DENVER

United Launch Alliance was notified Sunday that the International Association of Machinists and Aerospace Workers (IAMAW) representing its workforce at Cape Canaveral Air Force Station, Fla., Decatur, Ala., and Vandenberg Air Force Base, Calif., has accepted the company’s new three-year contract offer.

This concludes the 2012 contract negotiation process which began several weeks ago. The new contract covers about 860 represented bargaining unit employees went into effect at 12:01 a.m. today.

Combined dispatches