AIG reverse stock split fails to boost shares

Wed Jul 1, 2009 7:15pm IST

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NEW YORK, July 1 (Reuters) - American International Group Inc (AIG.N) shares fell on Wednesday despite a 1-for-20 reverse stock split.

The shares were down $2.53, or 10 percent, to $20.67 in early trade on the New York Stock Exchange.

The reverse split, aimed at boosting the shares, was approved at the AIG annual meeting on Tuesday.

Before the split, the shares had traded below $2 for much of the year, weighed down by the company's nearly $100 billion in losses last year and a taxpayer bailout that left the U.S. government owning a nearly 80 percent stake in the company.

(Reporting by Lilla Zuill; editing by John Wallace)

((lilla.zuill@thomsonreuters.com;+1 646 223 6281)) Keywords: AIG/SHARES

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