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Sovereign Wealth Funds Briefing - Categorized | Asset Allocation

Abu Dhabi Fund faces Citi deadline

Posted on 12 March 2010

From WSJ: The deadline is looming next week for Abu Dhabi Investment Authority, the Middle East’s largest sovereign-wealth fund, to begin converting $7.5 billion of bonds in Citigroup Inc.

Citi agreed in November 2007 to sell $7.5 billion of equity units to the fund, or ADIA, at prices ranging from $31.83 to $37.24 a share. But ADIA said in mid-December last year that it is demanding that Citi scrap the deal that would see it take a heavy loss due to the fall in the bank’s value……………………….Full Article: Source

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