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 Citigroup Inc. is on a cold streak. The struggling financial services company wasn't able to buy Wachovia Corp., nor was it able to reel in Chevy Chase Bank FSB. Now, it looks like strike three for Citigroup as The Deal's Luisa Beltran reported Wednesday that the beleagured company's sale of its Primerica Financial Services Co. unit to JC Flowers & Co. LLC and Protective Life Corp. has been cancelled, according to sources.
The divestment of Primerica was expected to bring in around $7 billion, but now Citi is left standing in the cold, empty handed, once again. "Protective was the last man standing," a source told The Deal. "They couldn't get it done." For Citigroup investors, the last two months have brought only heartache on the deal front. It's not a good sign when the only good deal for a company promising the market to restructure and expand its wallet seems to be a $20 billion government bailout.Meanwhile, Primerica has been in a state of limbo since the summer when Citi put it in on the auction block. The Primerica auction was expected to attract the interest of several other life insurers such as Metropolitan Life Insurance Co., Prudential Financial Services Inc. and Manulife Financial, but it is unclear if they were ever involved. - Gerald Magpily
CategoriesComments
From: Full of it,
Completely full of it. They have not sold it yet, and even if they have, everyone who knows are bound to confidentiality agreements. Legally, there will be no leak of info... they will come public when it happens.
Posted on:
June 5, 2009 11:35 PM
From: Rep Andrew,
Primerica is too secure and smart to let Citi take them down, better now for Geico.
Posted on:
October 11, 2009 5:23 PM
From: PFS REP,
PRIMERICA HAS BEEN SOLE.....THE COMPANY ITS CHANGING THE NAME TOO... TO SOMTHING ELSE
Posted on:
November 1, 2009 10:23 AM
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I am a Primerica rep and I just heard today from my Base Shop RVP that Primerica was sold within the last two weeks. The buyer has been named, but new marketing materials from Primerica are void of anything "Citi."