AIG Wants to Explore Options for Asia Unit - TheStreet

AIG Wants to Explore Options for Asia Unit

AIG CEO Robert Benmosche wants time to explore options besides a public offering for the insurer's Asian life unit after a deal to sell it to Prudential for $35.5 billion was terminated, a report says.
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NEW YORK (

TheStreet

) --

American International Group

(AIG) - Get Report

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.

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