Saudi prince buys $1 billion more
Increases stakes in Citigroup, AOL, Priceline
By Emily Church, CBS.MarketWatch.com
Last Update: 8:35 AM ET March 11, 2002
LONDON (CBS.MW) - Over the past six months, Saudi prince Alwaleed Bin Talal invested
$1 billion to increase his holdings in Citigroup, AOL Time Warner and Priceline.com, his
spokesman said in a statement on Monday.
The prince raised his stake in
Citigroup (C: news, chart, profile) by
$500 million, bringing his holdings in
the bank to around $10 billion. "At
about $43, Citi's share price was at
too attractive a price," the prince
said. He is the largest shareholder in
the bank, according to the statement.
He added $450 million to his AOL
(AOL: news, chart, profile) holdings,
saying in a statement that "the
weakness in AOL's stock price is
temporary as it reflects the temporary
weakness in several areas in which it
is involved."
He raised his stake in Priceline.com (PCLN: news, chart, profile) to $100 million and to a 5.4
percent stake. "The aim was to lower his average share price and the latest plunge in price
allowed prince Alwaleed to bring that average down to a single digit," the statement read. "Ebay
(EBAY: news, chart, profile) and Amazon (AMZN: news, chart, profile), two other companies
where we have investment stakes, will also be survivors and will prosper," he said.
Increases stakes in Citigroup, AOL, Priceline
By Emily Church, CBS.MarketWatch.com
Last Update: 8:35 AM ET March 11, 2002
LONDON (CBS.MW) - Over the past six months, Saudi prince Alwaleed Bin Talal invested
$1 billion to increase his holdings in Citigroup, AOL Time Warner and Priceline.com, his
spokesman said in a statement on Monday.
The prince raised his stake in
Citigroup (C: news, chart, profile) by
$500 million, bringing his holdings in
the bank to around $10 billion. "At
about $43, Citi's share price was at
too attractive a price," the prince
said. He is the largest shareholder in
the bank, according to the statement.
He added $450 million to his AOL
(AOL: news, chart, profile) holdings,
saying in a statement that "the
weakness in AOL's stock price is
temporary as it reflects the temporary
weakness in several areas in which it
is involved."
He raised his stake in Priceline.com (PCLN: news, chart, profile) to $100 million and to a 5.4
percent stake. "The aim was to lower his average share price and the latest plunge in price
allowed prince Alwaleed to bring that average down to a single digit," the statement read. "Ebay
(EBAY: news, chart, profile) and Amazon (AMZN: news, chart, profile), two other companies
where we have investment stakes, will also be survivors and will prosper," he said.
