Citigroup Gets $150 Million Injection From Telecom Billionaire
Nov 27, 2008 | Comments 0
Citigroup (NYSE:C) received a surprise investor today, billionaire Carlos Slim the world’s second richest man brought a 0.5 percent share in the troubled US bank, for around $150 million (£98 million) through his investment company.
No reports have been given as to if the Mexican billionaire believes that Citigroup is undervalued like Prince Alwaleed bin Talal, or as its been speculated that he may be positioning himself incase Citigroup sell off some of its Latin American Assets following the rescue by the Federal Reserve and US Treasury.
Citigroup’s share price shot up 65 cents to $6.73 on news the Telecoms billionaire became a shareholder.
Source: Telegraph
Filed Under: Business News