American International Group (SYMBOL) is sticking a price tag on yet another asset in its ever-growing yard sale.
The insurer said Thursday it's offering the 26 million share of
for $38 each, which would result in $988 million.
AIG gave the underwriters of the Transatlantic offering a 30-day option to buy up to an additional 3.9 million shares.
The company expected to easily purge its Transatlantic stake as it attempts to pay back its massive bailout, but the task has proven to be more difficult in the weak economy. AIG was forced to redraw its divestiture plans and instead turned to a public offering.
This is the latest move by AIG to shed assets to repay taxpayers' $85 billion bailout. Earlier this week AIG also announced that it
and agreed to
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