Insurance giant AIG (NYSE: AIG ) announced Sunday that it intends to sell its ordinary shares of AIA Group Ltd., a deal that Bloomberg News says could total $6.5 billion, according to a term sheet obtained by Bloomberg. The proposed sale consists of up to the entirety�of AIG's owned shares of the Hong Kong-headquartered insurance company.
AIG holds more than13% of the company's shares prior to the sale, according to Bloomberg, after holding two �previous AIA share sales in March and September that raised around $8 billion.
The proposed sale is the latest in AIG CEO Robert Benmosche's efforts to move the company forward from a massive government bailout of more�than $180 billion in total during the 2008 financial crisis. AIG stated in its press release�that income generated from the sale of AIA's stock will be used for "general corporate purposes."
AIA is Asia's third-largest insurer, and has seen shares�rise significantly since its 2010�IPO. AIG has already established other inroads into Asia, including a joint venture to sell life insurance in China.
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