This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-11471673
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
AIG 'seeks to raise $15bn in Asian unit share offering' | AIG 'seeks to raise $15bn in Asian unit share offering' |
(about 14 hours later) | |
Insurance giant AIG will aim to raise about $15bn (£9.5bn) from investors when it sells shares in its Asian unit AIA, according to a number of reports. | Insurance giant AIG will aim to raise about $15bn (£9.5bn) from investors when it sells shares in its Asian unit AIA, according to a number of reports. |
The insurance giant, which was bailed out by the US government during the financial crisis, is expected to sell a 50% share in the unit. | The insurance giant, which was bailed out by the US government during the financial crisis, is expected to sell a 50% share in the unit. |
That would value AIA at between $28.5bn and $30.5bn. | That would value AIA at between $28.5bn and $30.5bn. |
Meanwhile, newspaper reports in India suggest AIG is also in talks to sell its Indian mutual funds business. | Meanwhile, newspaper reports in India suggest AIG is also in talks to sell its Indian mutual funds business. |
The Indian business publication Mint reported that AIG was considering offloading the business for about $10m. | The Indian business publication Mint reported that AIG was considering offloading the business for about $10m. |
The moves are part of AIG's efforts to pay back the US government, which spent $182.3bn bailing it out at the height of the financial crisis. | |
According to anonymous sources quoted by the Financial Times, AIA's initial public offering could see $17bn raised from investors, while Bloomberg News puts the figure at $14.9bn. | According to anonymous sources quoted by the Financial Times, AIA's initial public offering could see $17bn raised from investors, while Bloomberg News puts the figure at $14.9bn. |
Initially, AIG had planned to sell AIA to UK insurer Prudential for $35.4bn earlier this year. | Initially, AIG had planned to sell AIA to UK insurer Prudential for $35.4bn earlier this year. |
But AIG's management were forced to consider an IPO after a backlash from Prudential shareholders caused the deal to collapse. | But AIG's management were forced to consider an IPO after a backlash from Prudential shareholders caused the deal to collapse. |
Previous version
1
Next version