>>Date: Mon, 24 Nov 2008 08:41:32 >>Subject: Somali Pirates in Discussions to Acquire Citigroup >> >> >>Somali Pirates in Discussions to Acquire Citigroup >> >>By Andreas Hippin >> November 20 (Bloomberg) -- The Somali pirates, renegade Somalis >>known for hijacking ships for ransom in the Gulf of Aden, are >>negotiating a purchase of Citigroup. >> >> The pirates would buy Citigroup with new debt and their existing >>cash stockpiles, earned most recently from hijacking numerous ships, >>including most recently a $200 million Saudi Arabian oil tanker. The >>Somali pirates are offering up to $0.10 per share for Citigroup, pirate >>spokesman Sugule Ali said earlier today. The negotiations have entered >>the final stage, Ali said. ``You may not like our price, but we are not >>in the business of paying for things. Be happy we are in the mood to >>offer the shareholders anything," said Ali. >> >> The pirates will finance part of the purchase by selling new Pirate >>Ransom Backed Securities. The PRBS's are backed by the cash flows from >>future ransom payments from hijackings in the Gulf of Aden. Moody's and >>S&P have already issued their top investment grade ratings for the >>PRBS's. >> >> Head pirate, Ubu Kalid Shandu, said "we need a bank so that we >>have a place to keep all of our ransom money. Thankfully, the >>dislocations in the capital markets has allowed us to purchase Citigroup >>at an attractive valuation and to take advantage of TARP capital to grow >>the business even faster." >>Shandu added, "We don't call ourselves pirates. We are coastguards and >>this will just allow us to guard our coasts better." >> >>
