The U.S. government officially owned 17% of Citigroup Inc. as of Thursday, a stake that could be increased to 35% depending on the outcome of an exchange offer that expired at 5 p.m. on Friday.

The company disclosed in a news release that it had completed the process of exchanging $12.5 billion in preferred shares issued to the government last fall into securities that can be converted into common stock under one of many initiatives the Treasury Department has launched to stabilize the U.S. banking sector.

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