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DUBLIN - The Irish government announced Monday its intention to dispose of its remaining 2.06% stake in AIB Group (OTC:AIBRF) plc, completing the state’s exit from the bank’s ownership.
The sale will involve approximately 44 million ordinary shares being placed with institutional investors through an accelerated bookbuilding process that began immediately following the announcement, according to a press release statement.
Minister for Finance Paschal Donohoe TD is overseeing the transaction, which will mark the final step in Ireland’s divestment from AIB Group. The government had gradually reduced its ownership stake in the bank through several previous share sales.
Goldman Sachs International has been appointed as the sole bookrunner for the placement. N.M. Rothschild & Sons Limited is serving as independent financial adviser to the Department of Finance, while William Fry LLP and Allen Overy Shearman Sterling LLP are providing legal counsel.
The exact pricing of the shares and final number to be sold will be announced after the bookbuilding process concludes.
The Irish government took a controlling stake in AIB during the financial crisis as part of a banking sector rescue. This final share sale represents the completion of the state’s gradual withdrawal from direct ownership of the bank.
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