Abu Dhabi Investment Authority to invest US$7.5 billion in Citigroup
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9 سال پیش
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(27 Nov 2007) SHOTLIST AP
(27 Nov 2007) SHOTLIST
AP Television
FILE:
New York - Date Unknown
1. Tilt down Citigroup building
2. Flags waving
AP Television
New York - 27 November, 2007
3. SOUNDBITE (English): Neil Weinberg, senior editor at Forbes:
"This is a fund that has about one trillion dollars to invest. So, they're going to be investing it all over world. They're looking for a lot of places that can absorb a lot of money and it turns out that Citigroup because of the problems it is having in the mortgage market and the housing crisis here in the United States, needs a lot of money. So, this is obviously a deal which makes sense from both sides."
AP Television
FILE:
New York - Date Unknown
4. Various of Citibank building
AP Television
New York - 27 November, 2007
5. SOUNDBITE (English): Neil Weinberg, senior editor at Forbes:
"Well one of the things I think investors should realise if they are thinking about following the lead here of Abu Dhabi is, this is a large institution with a very long span time horizon. So, they're not looking at this necessarily as something that they're going to try to get their money out of in six months or a year or even ten years, this is a very large pool of money with a very long horizon, so I would bear that in mind."
AP Television
FILE:
New York - Date Unknown
6. Woman at ATM
7. Close up of Citibank sign
AP Television
New York - 27 November, 2007
8. SOUNDBITE (English): Neil Weinberg, senior editor at Forbes:
"And although Citigroup is having a lot of problems here in the United States with the housing market, you also have to remember that this is one of the largest banks in the world. This is a bank that is very well positioned around the world, well positioned in Asia, well positioned in emerging markets, so when those economies grow, Citigroup is very much going to be a beneficiary of that long after the housing crisis in the United States has passed."
AP Television
FILE:
New York - Date Unknown
9. Citibank window
STORYLINE
The Abu Dhabi Investment Authority will invest 7.5 billion (b) US dollars in Citigroup, offering the largest U.S. bank needed capital to offset big losses from mortgages and other investments.
The cash from the sovereign investment fund of the Gulf Arab state, which has benefited from this year's surge in oil prices, will be convertible into no more than 4.9 percent of Citigroup Inc.'s equity.
Citigroup characterised the investment as passive and said the fund will not be able to name any board members to the bank.
The Investment Authority will receive equity units that pay an 11 percent annual yield, a high price for Citigroup whose dividend yield is 7.3 percent.
They will then be converted into Citigroup common shares at a price of up to 37.24 US dollars (euro 25.04) a share between March 15, 2010, and September 15, 2011.
The purchase, announced late on Monday, would make the Investment Authority one of Citi's largest shareholders.
Senior editor at Forbes magazine, Neil Weinberg, said investors should, like Abu Dhabi, have the long term in mind if they decide to invest in Citigroup.
"Well one of the things I think investors should realise if they are thinking about following the lead here of Abu Dhabi is, this is a large institution with a very long span time horizon. So, they're not looking at this necessarily as something that they're going to try to get their money out of in six months or a year or even ten years, this is a very large pool of money with a very long horizon, so I would bear that in mind." Weinberg said.
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AP Television
FILE:
New York - Date Unknown
1. Tilt down Citigroup building
2. Flags waving
AP Television
New York - 27 November, 2007
3. SOUNDBITE (English): Neil Weinberg, senior editor at Forbes:
"This is a fund that has about one trillion dollars to invest. So, they're going to be investing it all over world. They're looking for a lot of places that can absorb a lot of money and it turns out that Citigroup because of the problems it is having in the mortgage market and the housing crisis here in the United States, needs a lot of money. So, this is obviously a deal which makes sense from both sides."
AP Television
FILE:
New York - Date Unknown
4. Various of Citibank building
AP Television
New York - 27 November, 2007
5. SOUNDBITE (English): Neil Weinberg, senior editor at Forbes:
"Well one of the things I think investors should realise if they are thinking about following the lead here of Abu Dhabi is, this is a large institution with a very long span time horizon. So, they're not looking at this necessarily as something that they're going to try to get their money out of in six months or a year or even ten years, this is a very large pool of money with a very long horizon, so I would bear that in mind."
AP Television
FILE:
New York - Date Unknown
6. Woman at ATM
7. Close up of Citibank sign
AP Television
New York - 27 November, 2007
8. SOUNDBITE (English): Neil Weinberg, senior editor at Forbes:
"And although Citigroup is having a lot of problems here in the United States with the housing market, you also have to remember that this is one of the largest banks in the world. This is a bank that is very well positioned around the world, well positioned in Asia, well positioned in emerging markets, so when those economies grow, Citigroup is very much going to be a beneficiary of that long after the housing crisis in the United States has passed."
AP Television
FILE:
New York - Date Unknown
9. Citibank window
STORYLINE
The Abu Dhabi Investment Authority will invest 7.5 billion (b) US dollars in Citigroup, offering the largest U.S. bank needed capital to offset big losses from mortgages and other investments.
The cash from the sovereign investment fund of the Gulf Arab state, which has benefited from this year's surge in oil prices, will be convertible into no more than 4.9 percent of Citigroup Inc.'s equity.
Citigroup characterised the investment as passive and said the fund will not be able to name any board members to the bank.
The Investment Authority will receive equity units that pay an 11 percent annual yield, a high price for Citigroup whose dividend yield is 7.3 percent.
They will then be converted into Citigroup common shares at a price of up to 37.24 US dollars (euro 25.04) a share between March 15, 2010, and September 15, 2011.
The purchase, announced late on Monday, would make the Investment Authority one of Citi's largest shareholders.
Senior editor at Forbes magazine, Neil Weinberg, said investors should, like Abu Dhabi, have the long term in mind if they decide to invest in Citigroup.
"Well one of the things I think investors should realise if they are thinking about following the lead here of Abu Dhabi is, this is a large institution with a very long span time horizon. So, they're not looking at this necessarily as something that they're going to try to get their money out of in six months or a year or even ten years, this is a very large pool of money with a very long horizon, so I would bear that in mind." Weinberg said.
Find out more about AP Archive: http://www.aparchive.com/HowWeWork
Twitter: Twitter: AP_Archive
Facebook: Facebook: APArchives
Instagram: Instagram: APNews
You can license this story through AP Archive: http://www.aparchive.com/metadata/you...
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