AIG reverse stock split fails to boost shares
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)
((firstname.lastname@example.org;+1 646 223 6281)) Keywords: AIG/SHARES
(C) Reuters 2009. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nN01498951
- Tweet this
- Share this
- Digg this
- UPDATE 2-AT&T threatens to sit out U.S. spectrum auction over rules
- Hundreds of earthquakes strike central Idaho, rattling nerves
- Search resumes for hundreds missing in S. Korean ferry disaster
- Ocean floor search for missing Malaysia plane cut short again
- TCS net profit rises 51.5 percent, sees stronger sales growth