SunTrust to sell $1.2 bln worth of Coca-Cola shrs
SunTrust to sell $1.2 bln worth of Coca-Cola shrs
back under $35 next??
SAN FRANCISCO (MarketWatch) -- SunTrust Banks Inc. STI +4.83% said late Thursday that it will sell Coca-Cola Co. KO +1.71% shares worth $1.2 billion as part of the effort to strengthen its balance sheet. "SunTrust accelerated the termination of the agreements regarding the shares owned in the Coca-Cola Company. This will generate a third quarter pre-tax gain of approximately $1.9 billion," said SunTrust in a statement. It will also set aside $375 million provision for mortgage repurchase losses and transfer about $3 billion of loans in a bid to improve its risk profile.
Sentiment: Strong Sell
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