AIG Taiwan Deal Turns Tense: Report
Stock quotes in this article:AIG
TAIPEI (TheStreet) -- American International Group (AIG)may have won big with its deal to sell its Taiwan unit for $2.15 billion, but it could now face some legal action.
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.>To order reprints of this article, click here: Reprints
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