TAIPEI, Taiwan (
won't name the buyer for its
Nan Shan Life
unit in Taiwan on Friday, but will do so at the end of September as bids have come in below the $2 billion the insurer has sought, a report says.
AIG was expected to announce the buyer Friday but the buyer groups were notified the results of the bidding will be announced in a month,
reports, citing a report in Chinese-language newspaper
reported AIG may not get the $2 billion it was looking for in the sale of the Taiwanese life insurance unit, a report says.
reports Friday that a joint bid from investment firm
and Hong Kong battery maker
was one of the highest bidders at between $1.2 billion and $1.3 billion, according to sources.
The other two bidders were Taiwan's
and a consortium of
and Taiwanese partner
also has submitted a bid.
The low bids could derail a deal altogether based on recent comments from AIG CEO Robert Benmosche who said he would wait for a fair price before unloading assets. AIG is looking to sell Nan Shan Life, Taiwan's second-largest life insurer, as part of its plan to shed assets and help it repay bailout loans it received from the U.S. government.
-- Reported by Joseph Woelfel in New York
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