UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
----------------------
Tower Automotive, Inc.
(Name of Issuer)
Common Stock, par value $.01 per share
(Title of Class of Securities)
891707101
(CUSIP Number)
Stephanie B. Mudick
General Counsel - Corporate Law
Citigroup Inc.
153 East 53rd Street
New York, New York 10043
(212) 559-1000
(Name, address and telephone number of person
authorized to receive notices and communications)
December 24, 1998
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the
following box |_|.
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
- -----------------------
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
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CUSIP NO. 891707101 PAGE 2 OF 15 PAGES
- -------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Citigroup Inc., 52-1568099
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER 0
NUMBER OF -------------------------------------------------------
SHARES 8 SHARED VOTING POWER 3,768,634
BENEFICIALLY
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 0
REPORTING
PERSON WITH -------------------------------------------------------
10 SHARED DISPOSITIVE POWER 3,768,634
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON 3,768,634
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC
- --------------------------------------------------------------------------------
<PAGE>
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CUSIP NO. 891707101 PAGE 3 OF 15 PAGES
- -------------------- ------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Salomon Smith Barney Holdings Inc., 22-1660266
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM
2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER 0
NUMBER OF -------------------------------------------------------
SHARES 8 SHARED VOTING POWER 2,791,647
BENEFICIALLY
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 0
REPORTING
PERSON WITH -------------------------------------------------------
10 SHARED DISPOSITIVE POWER 2,791,647
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON 2,791,647
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) HC
- --------------------------------------------------------------------------------
<PAGE>
This Amendment No. 3 to the statement on Schedule 13D, dated September 10,
1998, as amended by Amendments No. 1 and 2 (the "Schedule 13D"), of Citigroup
Inc. (formerly Travelers Group Inc.) is being filed with respect to the Common
Stock, par value $.01 per share (the "Common Stock"), of Tower Automotive, Inc.,
a Delaware corporation (the "Issuer").
Item 2. IDENTITY AND BACKGROUND.
(a), (b), (c) and (f) This item as set forth in the Schedule 13D is
deleted and the following is inserted in its place:
"This statement on Schedule 13D is being filed by Salomon Smith Barney
Holdings Inc., a Delaware corporation ("SSBH"), and Citigroup Inc., a Delaware
corporation ("Citigroup"). All of the Common Stock reported herein is directly
beneficially owned by subsidiaries of SSBH or by other subsidiaries of
Citigroup. SSBH is a wholly owned subsidiary of Citigroup. The principal
executive offices of SSBH are located, and the principal business is conducted,
at 388 Greenwich Street, New York, New York 10013. The principal executive
offices of Citigroup are located, and the principal business is conducted, at
153 East 53rd Street, New York, New York 10043.
SSBH engages in no direct activities and is the indirect parent of Salomon
Smith Barney Inc., a registered broker-dealer. Citigroup businesses produce a
broad range of financial services -- asset management, banking and consumer
finance, credit and charge cards, insurance, investments, investment banking and
trading -- and use diverse channels to make them available to consumer and
corporate customers around the world. Among these businesses are Citibank,
Commercial Credit, Primerica Financial Services, Salomon Smith Barney, SSB Citi
Asset Management, Travelers Life & Annuity and Travelers Property Casualty.
The names, citizenship, business addresses and principal occupations or
employment of each of the executive officers and directors of Citigroup and SSBH
are set forth in Annexes A and B, which are incorporated herein by reference."
PAGE 4 OF 15 PAGES
<PAGE>
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) and (b) This item as set forth in the Schedule 13D is deleted and the
following is inserted in its place:
"By reason of their relationship, Citigroup and SSBH may be deemed to
share voting and dispositive power with respect to Common Stock and Convertible
Securities of the Issuer directly beneficially owned by subsidiaries of SSBH and
other subsidiaries of Citigroup and may be deemed to have an indirect beneficial
ownership in such shares.
As of January 26, 1999, Citigroup may be deemed to beneficially own
3,768,634 shares of Common Stock, which includes 1,233,939 shares of Common
Stock issuable upon conversion of certain convertible bonds and convertible
preferred stock (collectively, the "Convertible Securities"). 3,768,634 shares
of Common Stock represents 7.9% of the outstanding Common Stock (based on
47,473,377 shares of Common Stock outstanding, which includes 46,239,438 shares
of Common Stock outstanding, as reported in the Issuer's Quarterly Report on
Form 10-Q for the quarter ended September 30, 1998, and 1,233,939 shares of
Common Stock issuable upon conversion of the Convertible Securities). Of the
3,768,634 shares of Common Stock beneficially owned by Citigroup, SSBH may be
deemed to beneficially own 2,791,647 shares, which includes 997,116 shares
issuable upon conversion of Convertible Securities. 2,791,647 shares of Common
Stock represents 5.9% of the outstanding Common Stock (based on 47,236,554
shares of Common Stock outstanding, which includes 46,239,438 shares of Common
Stock outstanding and 997,116 shares of Common Stock issuable upon conversion
of Convertible Securities).
Except as set forth or incorporated by reference herein, none of
Citigroup, SSBH or, to the best knowledge of Citigroup, the persons
listed in Annexes A or B hereto beneficially owned any Common Stock or
Convertible Securities as of January 26, 1999."
(c) This item as set forth in the Schedule 13D is deleted and the
following is inserted in its place:
"The dates, number of shares and prices per share for all purchases and
sales of shares of Common Stock and Convertible Securities by subsidiaries of
SSBH and other subsidiaries of Citigroup from December 18, 1998 through January
26, 1999 are shown on Annex C hereto, which is incorporated herein by reference.
Annex C does not include purchases and sales made for third party accounts or
mutual funds."
PAGE 5 OF 15 PAGES
<PAGE>
ANNEXES
A. Executive Officers and Directors of Citigroup Inc. ("Citigroup").
B. Executive Officers and Directors of Salomon Smith Barney Holdings Inc.
("SSBH").
C. Description of Purchases and Sales of Common Stock and Convertible
Securities by subsidiaries of SSBH and other subsidiaries of Citigroup
from December 18, 1998 through January 26, 1999.
D. Agreement among Citigroup and SSBH as to joint filing of Schedule 13D.
PAGE 6 OF 15 PAGES
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of its knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
January 28, 1999
CITIGROUP INC.
By: /s/ Marla A. Berman
------------------------------------
Name: Marla A. Berman
Title: Assistant Secretary
SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/ Howard M. Darmstadter
------------------------------------
Name: Howard M. Darmstadter
Title: Assistant Secretary
PAGE 7 OF 15 PAGES
<PAGE>
January 28, 1999
ANNEX A
EXECUTIVE OFFICERS AND DIRECTORS OF
CITIGROUP INC.
NAME, TITLE AND CITIZENSHIP PRINCIPAL OCCUPATION AND BUSINESS ADDRESS
- --------------------------- -----------------------------------------
C. Michael Armstrong Chairman & Chief Executive Officer
Director (USA) AT&T Corp.
295 North Maple Avenue
Basking Ridge, New Jersey 07920
Alain J.P. Belda President & Chief Operating Officer
Director (Brazil) Aluminum Company of America (Alcoa)
201 Isabella Street, Room 6J12
Pittsburgh, Pennsylvania 15212-5858
Kenneth J. Bialkin Partner
Director (USA) Skadden, Arps, Slate, Meagher & Flom LLP
919 Third Avenue
New York, New York 10022
Kenneth T. Derr Chairman & Chief Executive Officer
Director (USA) Chevron Corporation
575 Market Street
San Francisco, California 94105
John M. Deutch Institute Professor
Director (USA) Massachusetts Institute of Technology
77 Massachusetts Avenue, Room 6-208
Cambridge, Massachusetts 02139
Ann Dibble Jordan Consultant & Former Director of Social Services,
Director (USA) University of Chicago Medical Center
2904 Benton Place, NW
Washington, DC 20008
PAGE 8 OF 15 PAGES
<PAGE>
Reuben Mark Chairman & Chief Executive Officer
Director (USA) Colgate-Palmolive Company
300 Park Avenue
New York, New York 10022-7499
Michael T. Masin Vice Chairman, President International & Director
Director (USA) GTE Corporation
One Stamford Forum
Stamford, Connecticut 06904
Dudley C. Mecum Managing Director
Director (USA) Capricorn Management
30 East Elm Street
Greenwich, Connecticut 06830
Richard D. Parsons President
Director (USA) Time Warner, Inc.
75 Rockefeller Plaza, 29th Floor
New York, New York 10019
Andrall E. Pearson Chairman & Chief Executive Officer
Director (USA) Tricon Global Restaurants, Inc.
660 Steamboat Road
Greenwich, Connecticut 06830
John S. Reed Chairman & Co-Chief Executive Officer
Director & Executive Citigroup Inc.
Officer (USA) 153 East 53rd Street
New York, New York 10043
Robert B. Shapiro Chairman & Chief Executive Officer
Director (USA) Monsanto Company
800 North Lindbergh Blvd.
Mail Zone D1S
St. Louis, Missouri 63167
Franklin A. Thomas Lawyer/Consultant & Former President,
Director (USA) The Ford Foundation
595 Madison Avenue, 33rd Floor
New York, New York 10022
PAGE 9 OF 15 PAGES
<PAGE>
Sanford I. Weill Chairman & Co-Chief Executive Officer
Director & Executive Citigroup Inc.
Officer (USA) 153 East 53rd Street
New York, New York 10043
Edgar S. Woolard, Jr. Former Chairman & Chief Executive Officer
Director (USA) E.I. du Pont de Nemours & Company
1007 Market Street
Wilmington, Delaware 19898
Arthur Zankel General Partner
Director (USA) First Manhattan Company
437 Madison Avenue
New York, New York 10022
The Honorable Gerald R. Ford Former President of the United States
Honorary Director (USA) Post Office Box 927
Rancho Mirage, California 92270
William I. Campbell Co-Chief Executive Officer of Citigroup's
Executive Officer Global Consumer Business
(USA and Canada) 1 Court Square
Long Island City, New York 11120
Michael A. Carpenter Co-Chief Executive-
Executive Officer (USA) Global Investment/Corporate
Bank of Citigroup Inc.
388 Greenwich Street
New York, New York 10013
Paul J. Collins Vice Chairman
Executive Officer (USA) Citigroup Inc.
153 East 53rd Street
New York, New York 10043
Thomas W. Jones Chief Executive Officer
Director & Executive of SSB Citi Asset Management
Officer (USA) 388 Greenwich Street
New York, New York 10013
PAGE 10 OF 15 PAGES
<PAGE>
Robert I. Lipp Co-Chief Executive Officer of Citigroup's Global
Executive Officer (USA) Consumer Business & Chairman of Travelers Property
Casualty Corp.
153 East 53rd Street
New York, New York 10043
Deryck C. Maughan Vice Chairman
Director (Great Britain) Citigroup Inc.
153 East 53rd Street
New York, New York 10043
Victor J. Menezes Co-Chief Executive-
Executive Officer (India) Global Investment/Corporate
Bank of Citigroup Inc.
153 East 53rd Street
New York, New York 10043
Heidi G. Miller Chief Financial Officer
Executive Officer (USA) Citigroup Inc.
153 East 53rd Street
New York, New York 10043
Charles O. Prince, III Co-General Counsel & Corporate Secretary
Executive Officer (USA) Citigroup Inc.
153 East 53rd Street
New York, New York 10043
John J. Roche Co-General Counsel
Executive Officer (USA) Citigroup Inc.
153 East 53rd Street
New York, New York 10043
Mary Alice Taylor Corporate Executive Vice President
Executive Officer (USA) Citicorp & Citibank, N.A.
1 Court Square
Long Island City, New York 11120
PAGE 11 OF 15 PAGES
<PAGE>
January 28, 1999
ANNEX B
EXECUTIVE OFFICERS AND DIRECTORS OF
SALOMON SMITH BARNEY HOLDINGS INC.
NAME, TITLE AND CITIZENSHIP PRINCIPAL OCCUPATION AND BUSINESS ADDRESS
- --------------------------- -----------------------------------------
Michael A. Carpenter Chairman & Chief Executive Officer
Director, Chairman and Salomon Smith Barney Holdings Inc.
Chief Executive Officer 388 Greenwich Street
(USA) New York, New York 10013
Deryck C. Maughan Vice Chairman
Director Citigroup Inc.
(Great Britain) 153 East 53rd Street
New York, New York 10043
James S. Boshart, III Vice Chairman
Vice Chairman (USA) Salomon Smith Barney Holdings Inc.
388 Greenwich Street
New York, New York 10013
Thomas G. Maheras Vice Chairman
Vice Chairman (USA) Salomon Smith Barney Holdings Inc.
388 Greenwich Street
New York, New York 10013
Jay P. Mandelbaum Senior Executive Vice President
Senior Executive Salomon Smith Barney Holdings Inc.
Vice President 388 Greenwich Street
(USA) New York, New York 10013
Paul Underwood Vice Chairman
Vice Chairman (USA) Salomon Smith Barney Holdings Inc.
388 Greenwich Street
New York, New York 10013
Eduardo G. Mestre Vice Chairman
Vice Chairman (USA) Salomon Smith Barney Holdings Inc.
388 Greenwich Street
New York, New York 10013
PAGE 12 OF 15 PAGES
<PAGE>
Robert Druskin Senior Executive Vice President & Chief
Senior Executive Administrative Officer
Vice President and Salomon Smith Barney Holdings Inc.
Chief Administrative Officer 388 Greenwich Street
(USA) New York, New York 10013
Joan Guggenheimer Executive Vice President, General Counsel &
Executive Vice President, Secretary
General Counsel and Salomon Smith Barney Holdings Inc.
Secretary (USA) 388 Greenwich Street
New York, New York 10013
Charles W. Scharf Senior Executive Vice President & Chief Financial
Senior Executive Vice Officer
President and Chief Salomon Smith Barney Holdings Inc.
Financial Officer 388 Greenwich Street
(USA) New York, New York 10013
Michael J. Day Executive Vice President & Controller
Executive Vice Salomon Smith Barney Holdings Inc.
President and 388 Greenwich Street
Controller (USA) New York, New York 10013
Mark I. Kleinman Executive Vice President & Treasurer
Executive Salomon Smith Barney Holdings Inc.
Vice President and 388 Greenwich Street
Treasurer (USA) New York, New York 10013
Simon Lorne Executive Vice President & Assistant Secretary
Executive Vice President Salomon Smith Barney Holdings Inc.
and Assistant Secretary 388 Greenwich Street
(USA) New York, New York 10013
PAGE 13 OF 15 PAGES
<PAGE>
ANNEX C*
Set forth below are the purchases and sales of Common Stock by
subsidiaries of SSBH and other subsidiaries of Citigroup from December 18, 1998
through January 26, 1999.
Number of Number of Price Per
Shares Shares Share
Trade Date Purchased Sold (in US$)
- ---------- --------- ---- --------
1/14/99** 52,600 0 24.1250
Set forth below are the purchases and sales of Convertible Securities from
December 18, 1998 through January 26, 1999.
Number of Number of Price Per
Convertible Convertible Convertible
Securities Securities Security
Trade Date Purchased Sold (in US$)
- ---------- --------- ---- --------
1/14/99** 0 45,000 51.4983
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* Excludes purchases and sales made for third party accounts or mutual funds.
** Purchases and sales made as part of a risk arbitrage strategy.
PAGE 14 OF 15 PAGES
<PAGE>
ANNEX D
AGREEMENT AS TO JOINT FILING OF SCHEDULE 13D
Each of the undersigned hereby affirms that it is individually eligible to use
Schedule 13D, and agrees that this Schedule 13D is filed on its behalf.
January 28, 1999
CITIGROUP INC.
By: /s/ Marla A. Berman
------------------------------------
Name: Marla A. Berman
Title: Assistant Secretary
SALOMON SMITH BARNEY HOLDINGS INC.
By: /s/ Howard M. Darmstadter
------------------------------------
Name: Howard M. Darmstadter
Title: Assistant Secretary
PAGE 15 OF 15 PAGES
