Abu Dhabi Seeks To Void $7.5B Citigroup Deal

Law360, New York (December 16, 2009, 7:14 PM EST) -- In arbitration claims filed Tuesday in New York, the Abu Dhabi Investment Authority accused Citigroup Inc. of misrepresenting its business and now seeks to void a $7.5 billion investment pact the companies agreed to in 2007.

The bank sold equity units to Abu Dhabi's executive investment arm in November 2007 that obliged the sovereign wealth fund to convert the stake into common stock on specified dates in 2010 and 2011 at prices up to $37.24 per share — almost 10 times what Citigroup is trading at...
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