Chinese consortium in talks with AIG
China Investment Corp. Ltd., the Beijing sovereign wealth fund, is leading a consortium that aims to buy nearly half of an AIG subsidiary, according to Japan’s Nikkei Business Daily.
China Investment Corp. Ltd., the Beijing sovereign wealth fund, is leading a consortium that aims to buy nearly half of an AIG subsidiary, according to Japan’s Nikkei Business Daily.
The deal, which could be worth up to $10.6 billion, would give the consortium a 49% stake in American Life Insurance Co., or Alico.
American International Group Inc., the New York-based parent company, was in talks with the group, which includes Chinese insurance companies, with a yearend deadline, the paper said.
AIG spokesman Joe Norton would not comment on the matter.
The Wilmington, Del.-headquartered Alico operates in more than 50 countries around the world.
AIG, which has received more than $150 billion in borrowed bailout money from the government, has said that it would spin off many of its subsidiaries except for its stateside property and casualty business, foreign general insurance and its ownership interest in foreign life operations.
Learn more about reprints and licensing for this article.
