Business NEWS
AIG Asia asset sales plan, yes or no?
By Amarendra Bhushan for CEOWORLD Magazine Updated:February 25, 2009
Get CEOWORLD Magazine digital monthly version. special- Top Capital Cities for a business Traveler, # Interview with Minister of Tourism of Greece. 1 Issues Subscription= $1 Only, 10 Issues Subscription= $5 Only. Grab your copy now!!!!
Citigroup and Goldman Sachs are advising AIG on its Asia asset sales. AIG initially intended to sell 49% of AIA, which is Asia’s largest life insurer with operations in 10 countries, but it has since signaled it was open to selling the whole unit. AIG is seeking bids that value AIA between US$20 billion and US$30 billion.
- Singaporean state investment company Temasek Holdings Pte. Ltd., U.K. insurer Prudential PLC (PRU.LN) and Toronto-based insurance company Manulife Financial Corp. are expected to bid for the Asian unit of American International Group Inc.
- The three companies will submit their bids by Friday’s deadline for final offers.
- Global banking group HSBC considered making a bid but decided not to.
But in another news It looks American International Group Inc may scrap a plan to repay a $60 billion U.S. government loan by selling businesses, after failing to find enough promising bidders. AIG is proposing additional ways to reduce the company’s debt to the U.S. government, including handing over stakes in some operations directly to the government.
Like this article! |
|
|
|
|
(No Ratings Yet)
Loading ...17582 views
Comments
Grab a copy of CEOWORLD Magazine for $1 only!!!
