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Friday, January 11, 2008

Saudi Arabian Prince Alwaleed, China and others to invest up to $10 Billion in Citigroup

Late this afternoon the Wall Street Journal reported Saudi Arabian Prince Alwaleed bin Talal, Citigroup's (Charts) largest individual shareholder, will invest in Citibank. How much the price will invest was not disclosed, but he article says the prince wants to keep his stake under 5% to avoid scrrutiny from the SEC.

Others will join the prince investing in Citigroup. In total, the story said investors from China's Development Bank will invest $2 billion in Citigroup along with others to bring the total investment to between $8 and $10 billion.
Last November, Citigroup sold $7.5 billion worth of equity units to The Abu Dhabi Investment Authority.

On a day the DJIA was down 246.79 points to close at 12,606.30, Citigroup was up $0.45 (1.60) to close at $28.56. In after hours trading, Citi gained anouther $0.37 to finish at $28.90.

Disclaimer: I cover Citigroup in "Kirk Lindstrom's Investment Newsletter" where I have very large gains from buying in 1998, taking profits in 2000, buying more shares in 2002, taking profits again in 2003 and now..... I am also long Citigroup in my personal portfolio.

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