Britain Kicks Off Lloyds Selldown With $5.1B Stake Sale

Law360, New York (September 17, 2013, 1:19 PM ET) -- The British government on Tuesday raked in about £3.2 billion ($5.1 billion) by selling a 6 percent stake in Lloyds Banking Group PLC, kicking off a much-anticipated return of the bank to private hands after a mammoth taxpayer bailout saved it from collapse four years ago.

The share offering came after a flurry of rumors over the past several weeks that the government was ready to put its Lloyds stake up for sale. On Monday, UK Financial Investments Ltd., the outfit set up to manage the...
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