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Adding insurance: Citigroup said it would offer to buy the 15 percent of Travelers Property-Casualty Corp. it does not already own for $2.4 billion, or $41.50 a share. Travelers Property-Casualty was spun off from Travelers Group in April 1996 and Travelers sold 35.4 million shares to the public at $25 a share. The spin off followed Travelers Group’s purchase of Aetna Inc.’s property casualty insurance business for about $4 billion. Travelers Group went on to merge with bank Citicorp in 1998 to create Citigroup.
