Saudi prince buys $1 billion more Increases stakes in Citigroup, AOL, Priceline

CBS.MarketWatch.com ^ | March 11, 2002 | Emily Church

[A Vast RightWing Conspirator]

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.Emily Church is London bureau chief of CBS.MarketWatch.com.

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[A Vast RightWing Conspirator]

FYI

[Free the USA]

fyi

[timestax]

money laundering!

[E.G.C.]

BTTT!!!!

[japaneseghost]

bump - please keep bumping this one.

by the way, what happened to "threads"?

[japaneseghost]

bump

[stand watie]

dixie LIBERTY bump

[stand watie]

dixie LIBERTY bump

[stand watie]

dixie LIBERTY bump

[stand watie]

dixie LIBERTY bump

[majordivit]

Saudi prince buys $1 billion more Increases stakes in Citigroup, AOL, Priceline

Gee wiz. And I thought It was just my imagination that the media (CNN-AOL Time Warner) was fanatically pro Muslim and fanatically anti Israel.../sarcasm

[timestax]

a MONEY LAUNDERING bump

[stand watie]

YEP. there's that TOO!

for a FREE dixie,sw

[mafree]

bump

[cibco]

bump

[Harrison Bergeron]

The word I got from a guy who just bought some AOL stock for his IRA is that the stock is currently priced way beneath the cash value of its Time Warner component alone. I'm not a financial analyst by any means, but if that information is true then AOL-TW is vulnerable for a breakup or another takeover. This Saudi prince is either positiioning his investment portfolio to take advantage of the carnage or he's participating in a stealth bailout to keep AOL in the black.

[aristeides]

Yes, reading this thread, I was wondering to myself to what extent this explains CNN's editorial policies.