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.
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