Chinatrust Financial, one of the losing bidders for Nan Shan Life, said it is investigating the results of the sale, Reuters reported.
AIG sold the unit to
Primus Financial, which agreed to pay $2.15 billion, but Chinatrust actually bid $2.4 billion for Nan Shan,
Reuters reported citing sources close to the deal.
>> Photo Gallery: Inside AIG's Biggest Surprises
Chinatrust Chief Investment Officer Daniel Wu said at an investor conference in Taipei on Monday that he is not ruling out taking legal action. Not only was Chinatrust's bid higher, he said, but its proposal to take care of Nan Shan employees was, according to Chinatrust, also better.The sale of Nan Shan was AIG's most lucrative deal since it began selling off assets last year in an effort to repay its $85 billion loan from the government. -- Reported by Jeanine Poggi in New York Follow TheStreet.com on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV