Getting your player ready...
WASHINGTON — The Treasury Department said Monday it would approve an initial sale of 1.5 billion shares of Citigroup common stock, the department’s latest move in paring its 27 percent stake in the company.
Treasury hired Morgan Stanley to manage its Citi holdings.
Morgan Stanley will have “discretionary authority” to sell the shares “under certain parameters,” the department said in a statement.
“To enable such sales, Citigroup has filed a prospectus supplement with the Securities and Exchange Commission,” it said.
