Financial Services
AIG Wants to Explore Options for Asia Unit
NEW YORK (TheStreet) -- American International Group (AIG) CEO Robert Benmosche wants time to explore options besides a public offering for its Asian life unit after a deal to sell it to Prudential(OUK) of the U.K. for $35.5 billion was terminated, a report says.
Benmosche wants to explore other options for American International Assurance, including selling parts of the business, after AIG's board on Monday voted down a sale to Prudential at a reduced price, a source familiar with the matter told Reuters. Prudential reportedly offered a reduced price of $30.4 billion for AIG's Asian business. AIG hasn't yet decided on what it wants to do with AIA, and an IPO, widely seen as the likely option, is not a foregone conclusion, sources said. AIG, majority owned by the U.S. government following a $180 billion bailout, planned to use the proceeds from the sale to make a partial repayment to U.S. taxpayers. -- Written by Joseph Woelfel in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.TheStreet Premium Services
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