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Treasury puts AIG shares on the auction block
The U.S. Treasury is offloading $18 billion worth of American International Group (NYSE: AIG ) in a public offering, The Wall Street Journal reports. The offering will be the Treasury's fifth sale, leaving the government with less than a one-fifth stake in the company by the time the trading is over. AIG will buy back up to $5 billion as part of the sale, the Journal reports.
BP sells some Gulf assets
The Associated Press reported this morning that BP (NYSE: BP ) has finalized a deal to sell some of its Gulf of Mexico assets -- Holstein, Horn Mountain, and the Marlin hub -- to Plains Exploration & Production (NYSE: PXP ) for $5.5 billion. Plains is also purchasing the other portion of Holstein from Shell Offshore. According to the AP, BP CEO Bob Dudley explained the sale by saying the three assets didn't fit into the larger business strategy any longer.
The oil company will continue operating several other platforms in the Gulf.
China's import growth slows
China's import growth fell unexpectedly, and industrial output also is flagging, according to Bloomberg. This fuels the risk that growth in the country will hit the lowest point in two decades, eroding support for the Communist Party, Bloomberg says -- months ahead of the every-decade transfer of power. Inbound shipments dropped by 2.6%, Bloomberg reports, and exports rose 2.7%.