Citigroup will buy the remaining 15 percent it does not own of Travelers Property-Casualty Corp. for $2.4 billion, offering $41.50 for each outstanding share. In response to the March 21 announcement, Travelers shares rose 22 percent to $40 15/16 a share, while Citigroup rose $2 a share to $58 1/16. Analysts are predicting Travelers will use Citigroup’s tremendous resources and strong share price to make acquisitions. In February, Travelers purchased the surety unit of Reliance Group Holdings for $580 million cash. Following the controversial departure of CFO Heidi Miller earlier this month, Todd Thomson, formerly chief executive of Citibank’s global private bank, was named to take Miller’s place. Victor Menezes was named chairman and CEO for Citibank.
Was this article valuable?
Here are more articles you may enjoy.
New York Issues Cybersecurity Tips for a ‘Heightened Threat’ Climate With AI 
Texans Hate Data Centers So Much They Are Asking Jesus for Help 
Insurance Mogul Lindberg Gets 12 Years for $2 Billion Fraud 
NY Archdiocese Can Depose Chubb CEO Greenberg in Clergy Abuse Claims Case From This Issue
