Citi, U.S. Reach Deal on Government Stake

据知情人士透露，陷入困境的花旗集团(Citigroup Inc.)即将与美国政府达成一项协议；政府将显著提高在花旗的持股比例，并相应要求花旗改组其董事会。预计这项协议将于周五早间宣布。根据该协议，美国财政部同意将目前持有的部分花旗优先股转换为普通股。知情人士称，美国政府转换股份的规模，取决于花旗说服私人投资者和政府一道转换的股份的多少。美国财政部将与私人投资者转换同样多的股份，至多不超过250亿美元。美国政府在花旗的新持股量将取决于主权财富基金等私人投资者所同意将优先股转换为普通股的规模。该人士称，预计财政部对花旗的持股比例会上升到30%-40%。增持股份协议意在缓解投资者对花旗资本基础是否充足的担忧情绪。该人士透露，作为协议的一项条件，美国政府正要求花旗集团重组董事会。财政部将要求独立董事占据花旗董事会的大多数席位。预计根据这份协议，花旗首席执行长潘伟迪(Vikram Pandit)将会留任。政府定下的条件是经过一周的谈判后敲定的。这些条件是为了弥补纳税人持有普通股将承担比优先股更大风险这一事实。同优先股不同，普通股不支付股息。花旗集团的交易一直受到密切关注，这不仅是因为它对花旗集团财务健康有着重要意义，还因为这一交易预计将成为未来政府把持有的部分美国大银行的优先股转换为普通股的一个模式。花旗集团与美国政府协议的关键细节仍不得而知。这些不确定因素中的主要一点是政府同意将优先股转换为普通股的价格。被告知双方谈判情况的人士说，花旗集团要求政府的转换价格高达每股5美元。这是花旗集团股票周四2.46美元收盘价的两倍。目前也不清楚政府希望对花旗董事会做出怎样的调整。花旗集团15人的董事会已经基本上由被认为是独立于公司的董事组成。事实上，4名非独立董事中有3人已经宣布计划在今年春季离职。与此同时，花旗集团董事长理查德•帕森斯(Richard Parsons)一直急于吸引新董事。知情人士透露，事实证明这是一个艰巨的任务，花旗集团接触的两名候选人已经回绝了这一建议。DEBORAH SOLOMON / DAVID ENRICH相关阅读花旗难咽政府饭 2009-02-26金融机构黑洞可能试探美国政府极限 2009-02-25花旗命运如何 全看美国政府 2009-02-25花旗，一块难啃的骨头 2009-02-24 本文涉及股票或公司document.write (truthmeter('2009年02月27日12:35', 'C'));花旗集团英文名称：Citigroup Inc.总部地点：美国上市地点：纽约证交所股票代码：C


Embattled Citigroup Inc. and the U.S. are close to an agreement in which the government will substantially increase its stake in the bank and in return will demand a boardroom shakeup, according to people familiar with the matter.Under a deal expected to be announced early Friday morning, the Treasury Department has agreed to convert some of its current holdings of preferred Citigroup shares into common stock. The government will convert its stake only to the extent that Citigroup can persuade private investors to do so alongside the government, the people said. The Treasury will match the private investors' conversions dollar-for-dollar up to $25 billion.The size of the government's new stake will hinge on the amount of preferred shares that private investors, including sovereign wealth funds, agree to convert into common stock. The Treasury's stake is expected to rise to 30% to 40% of Citigroup's shares, the people said.As a condition to the agreement, which is designed to ease investor jitters about the adequacy of Citigroup's capital base, the government is demanding that the New York company overhaul its board of directors, the people said. Treasury will call for Citigroup's board to be comprised of a majority of independent directors.Chief Executive Vikram Pandit is expected to keep his job under the agreement.The conditions imposed by the government were hammered out over a week of negotiations. They are designed to make up for the fact that taxpayers will bear greater risk holding common stock rather than preferred. The common shares also won't pay dividends, unlike the preferred stock.The Citigroup deal has been closely watched not only due to its importance to Citigroup's financial health, but also because it is expected to serve as a model for future federal conversions of preferred shares into common stock in some of the nation's biggest banks.Key details of the Citigroup-U.S. pact remain unclear.Chief among those uncertainties is the price at which the government has agreed to convert its preferred shares into common. People briefed on the discussions said that Citigroup was asking for Washington to convert at a price of as much as $5 a share. That is double Citigroup shares' $2.46 closing price Thursday.Also unclear is exactly what boardroom changes the government is seeking. Citigroup's 15-person board is already comprised primarily of directors who are considered independent of the company. In fact, three of the four directors who are not independent have already announced plans to step down this spring.Meanwhile, Citigroup Chairman Richard Parsons has been scrambling to lure new directors. That has proven an uphill battle, with two candidates whom Citigroup had approached rebuffing the overtures, according to people familiar with the matter.DEBORAH SOLOMON / DAVID ENRICH