Simpson, Davis and Cleary land roles in US Treasury offering of 1.5 bn Citi shares

April 27, 2010 The US Treasury is preparing to commence the first stage of its plan to unload 7.7 billion government-owned Citigroup shares on the market, with an offering of 1.5 billion shares. The Treasury is represented Simpson Thacher & Bartlett, who have put together a team led by M&A partner Lee Meyerson and corporate partner Andrew Keller.

The US Government has retained Morgan Stanley to prepare the sale, and Morgan Stanley has tapped Davis Polk & Wardwell and Cleary Gottlieb Steen & Hamilton to advise on the sale. Both firms have have worked advising Citi in its bailout-related negotiations with Treasury in the past. Davis Polk advised Morgan Stanley on the terms of its work for Treasury, and the Cleary team – led by corporate partner Jeffrey Karpf – worked on the offering itself.

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