Top Business News
AIG Gets Bids for Taiwan Unit
Jeanine Poggi
07/06/09 - 07:11 PM EDT
(Updates story to include the stock price at Monday's close.)
American International Group(AIG Quote) received several non-binding bids for its Taiwanese life assurance unit, the Financial Times reported.
The bids for Nan Shan Life Insurance come from the Carlyle Group and Oaktree, the newspaper reported.
Other firms reportedly showing interested in Nan Shan include: MBk Partners, Primus Pacific Partners, KKR & Co., Affinity Equity Partners, Cathay Financial, Fubon and Chinatrust Financial.
Shares in the company plummeted today, falling by 11.3%, or $2.06, to close at $16.19.
Last month, Bloomberg reported that the unit might be sold for about $2 billion.
AIG is in the process of selling off its assets to repay its massive $180 billion loan from the government. It has already sold off part or all of its consumer-finance divisions in Russia, in Mexico, and in Argentina. The insurer also shed a majority of its stake in Transatlantic(TRH Quote) and plans to close its New York City headquarters.
In total, AIG has eliminated about 17 assets so far, resulting in more than $6 billion.
Other pieces currently up for grabs include Stowe Mountain Resort and International Lease Finance.