Citigroup launches offers to exchange preferred stock into common, giving gov’t 34 pct stake

NEW YORK — Citigroup Inc. on Wednesday launched a series of public exchange offers that will effectively give the government a 34 percent stake in the troubled bank.

Citigroup finalizes agreement with US, launches offers to exchange preferred stock into common

NEW YORK — Citigroup says it finalized exchange offers with the U.S. government under which the latter will exchange up to $25 billion of Citi preferred securities for interim securities and warrants.