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China in talks to buy stake in AIG unit: report
Tokyo (AFP) Nov 21, 2008 A consortium led by China's sovereign wealth fund is in talks with struggling US insurance giant American International Group to acquire a stake in one of its units, a Japanese daily reported Friday. The purchase would open the door for future capital and business tie-ups between AIG and Chinese investors, paving the way for the Asian giant to become a major player in the global insurance market. AIG and China Investment Corp. aim to reach a conclusion by the end of this year, the Nikkei business daily reported, without naming its sources. AIG is said to be considering a sale of its American Life Insurance Co., or Alico, on condition that it gets to keep more than 50 percent of the firm. The acquisition of a 49 percent stake would likely cost Chinese investors up to 10.5 billion dollars, the Nikkei said. Alico has operations in more than 55 countries. With Alico's Japan unit accounting for up to 70 percent of the company's entire insurance premium revenue, the deal would give China an effective entry into the Japanese insurance market. Last month, AIG announced plans to sell off "non-core" assets, likely including its three Japanese units -- Alico Japan, AIG Edison Life Insurance and AIG Star Life Insurance. AIG is believed to be narrowing down candidates for the sale by soliciting bids behind the scenes. The US government has announced an expanded bailout for AIG of more than 150 billion dollars, as the Treasury tapped into emergency funds originally set for banks. The latest bailout plan, the largest in US history, came as AIG burned through billions of dollars of cash and reported a third-quarter loss of 24.47 billion dollars. Share This Article With Planet Earth
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