Ameriprise plans $900M stock offering

Financial adviser Ameriprise Financial Inc. said Tuesday it plans to sell $900 million worth of its common stock through a public offering.

Proceeds will be used for general corporate purposes, including possible acquisitions as they become available, the company said.

Underwriters will have a 30-day option to purchase up to an additional 15 percent of the offering amount. JP Morgan Securities Inc. and Merrill Lynch & Co. are acting as joint book-running managers for the offering.

Shares of Ameriprise shed 15 cents to close the regular session at $28.39 on Tuesday. They dropped $1.49, or 5.3 percent, to $26.90 in after-hours trading.