AIG talking to big investors on AIA IPO: sources
August 12, 2010 9:48 PM EST
American International Group Inc has started talks with potential investors to sell stakes in its Asian life insurance business AIA ahead of AIA's planned IPO, sources with direct knowledge of the matter said.
Several financial investors, including Temasek Holdings
Earlier, the Financial Times said in a report that AIG may place as much as 30 percent of AIA with institutional investors and wealthy tycoons, rather than offer them minor stakes in an initial public offering.
AIG is aiming to list AIA on the Hong Kong stock exchange by the fourth quarter of this year and the IPO is expected to raise about $15 billion.
"Some preliminary talks have taken place in response to interest from some investors," one source said.
The sources declined to be identified as the talks are private.
Temasek declined to comment, while other institutions named in this story could not be reached immediately for comment.
Chinese insurance companies and some of that country's largest banks are also looking at taking stakes and financing others, the newspaper said.
AIG spokeswoman Christina Pretto declined to comment.
An IPO of AIA, whose full name is American International Assurance, could raise about $15 billion, and help AIG pay down sums owed to the U.S. government after a series of federal bailouts.
Shares of AIG closed on Wednesday down $2.35, or 5.8 percent, at $37.84 on the New York Stock Exchange in a weak overall market.
(Additional reporting by Saeed Azhar in SINGAPORE; Reporting by Denny Thomas and Kennix Chim in Hong Kong, Maria Aspan and Jonathan Stempel in New York; Editing by Gary Hill and Muralikumar Anantharaman)
Most Popular Slideshows
- Gennady Golovkin Next Fight Options: Canelo Alvarez, Miguel Cotto Or Julio Cesar Chavez Jr.
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Chilling: New ISIS Video Addresses Australia; Aussie Teen Delivers Message
- The Pirate Bay Blockade: Cost Of Blocking Websites Like TPB Is Ridiculously High
- Xiaomi Mi4 And MiPad Prices Likely Slashed, Thanks To Rivals Oppo, OnePlus And Meizu
- Virginia Woman Who Posted Naked Image Of Ex-BF’s New Partner 1st Person Charged Under Revenge Porn Law
- No Mercy: ISIS, Father Stones to Death Daughter for Alleged Adultery
- iOS 8 Jailbreak Release Date is Doomed as Team Evad3rs Opts Out, Pangu Hits Snag – Report
- Google Nexus 6 vs. iPhone 5S: 4 Important Things to Consider Before Switching to Android Lollipop