HERE IS A PART OF THE ARTICLE: The New York-based bank is scheduled to hold a board meeting Friday to discuss whether to sell all or part of itself, the Wall Street Journal reported.
Citigroup’s shares tumbled below $4 a share to their lowest level in more than 15 years, continuing a sharp, week-long plunge that could not be stemmed by Saudi investor Prince Alwaleed bin Talal’s decision Thursday to raise his stake in the company to 5 percent from less than 4 percent.
The shares have shed 60 percent of their value since last Friday.
An outright sale shouldn’t be ruled out, but it appears unlikely, said Alois Pirker at Aite Group. Not only are there few potential buyers right now, but “firms prefer to cherry pick,” he said. “If you don’t have a well integrated shop, the benefit of taking over the whole versus pieces diminishes.”