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This morning, Bloomberg reported that the Abu Dhabi Investment Authority is attempting to get out of an agreement to purchase $7.5 billion of Citigroup (C) stock. According to the deal, the Investment Authority (ADIA) is to pay eight times Citi's current price. If the deal is forced through, it is seeking more than $4 billion in damages as it claims that Citi used "fraudulent misrepresentations" and misled it about the investment. Citi disputes the claims, noting they have no merit. According to the report, ADIA invested in Citi in November 2007, getting equity units that could be swapped into common stock for $31.83 per share to $37.24 per share from 2010. On Tuesday, shares of Citi closed at $3.56 per share. Bottom line, ADIA is trying to avoid major losses in light of its agreement (made earlier this week) to provide $10 billion to Dubai World to prevent a bond default.
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