Shares of Citigroup Inc. jumped 1% in premarket trade, after the bank said it has formalized an information sharing and engagement agreement with activist investor ValueAct Capital. Citi said the agreement gives ValueAct access to confidential information and provides opportunities to discuss strategy, governance and operational planning with Citi's management team and board of directors. ValueAct said it currently owns 32 million common shares of Citi, or about 1.3% of the shares outstanding, which would make it the 6th-largest shareholder, according to FactSet. Because a ValueAct representative sits on the board of Alliance Data Systems Corp. , which competes with Citi in certain businesses, ValueAct is not pursuing a seat on Citi's board. Citi's stock has tumbled 25.3% over the past 12 months, while the SPDR Financial Select Sector ETF has lost 15.6% and the Dow Jones Industrial Average has slipped 6.2%.

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