Citi to Sell Phibro LLC
By admin - Posted on October 13th, 2009
October 09, 2009 -- NEW YORK – Citi announced today that it will sell 100% of its interest in Phibro LLC to Occidental Petroleum Corporation for a purchase price equal to approximately the net asset value of the business. The sale is expected to close in the fourth quarter pending regulatory approvals.
Terms of the transaction were not disclosed and are not material to Citigroup's earnings. Certain executives of Phibro have agreed with Citi that their compensation for 2009 will be deferred and reinvested into Phibro and will be paid out in future years.
The decision to sell Phibro was the outcome of an evaluation of a variety of alternatives and is consistent with Citi's core strategy of a client-centered business model. The sale of Phibro does not affect Citi's client-facing commodities business lines, which will continue to operate and serve the needs of Citi's clients throughout the world.
Source: Citi
Scroll down for related articles:
Related articles
- 2009-10-16: Citigroup Reports Third Quarter Net Income of $101 Million
- 2009-10-13: Citi to Sell Phibro LLC
- 2009-06-01: Morgan Stanley and Citi Launch Wealth Management Joint Venture
- 2009-05-13: Citi Announces New $5 Billion Municipal Lending Program Backed by TARP Capital
- 2009-04-21: Citigroup Declares Dividends
- 2009-03-20: Citi Files Registration Statement for Exchange Offer
- 2009-03-20: Citi Clarifies Office Consolidation Issues
- 2009-03-17: Citi Board Nominates Four New Independent Directors For Shareholder Approval
- 2009-10-16: Rep. Boccieri Calls On Wells Fargo To Reverse Unfair Rate Hikes
- 2009-06-24: Citi Backs Obama's "United We Serve" Initiative
- 2009-06-10: Citi Announces Securities Exchange Launch
- 2009-05-08: Citi to Expand Public Exchange Offers by $5.5 Billion to Meet Stress Test Requirements
