Sunday night Citi announced that the non-government owners of the company’s preferred shares agreed to convert all their shares to common shares. This would pave the way for the government to do the same, increasing its power over the company, although it has stated in the past it does not have any intentions of interfering in its operations. I’m not getting much good news from this. The $58bn offering would do nothing but dilute the value of the stock.
Read the story via the FT HERE.