American International Group Inc: Key Developments
American International Group, Inc. Taiwan Unit Employees Protest Over Pension Fund-DJ
November 12, 2009 |
| Dow Jones reported that More than 1,000 employees of Nan Shan Life Insurance Co. protested outside its Taipei headquarters, demanding parent American International Group, Inc. to refund all their provident funds before it sells the Taiwanese life insurance company, according to The Standard. |
American International Group, Inc.'s Benmosche Threatens To Stepping Down As Chief Executive Officer-WSJ
November 11, 2009 |
| The Wall Street Journal reported that Robert Benmosche has told the Board of American International Group, Inc. (AIG) that he is considering stepping down as Chief Executive Officer of the Company, just three months after taking the job, according to people familiar with the matter. Among the alternatives being considered is appointing Douglas Steenland, a former Northwest Airlines Corp. Chief Executive, as AIG's temporary Chief, according to the person. |
China Strategic Holdings Ltd's Primus Nan-Shan Holding Company Ltd. Announces Acquisition Of Nan Shan Life Insurance Company, Ltd From American International Group, Inc.
November 9, 2009 |
| China Strategic Holdings Ltd announced that on October 13, 2009, Primus Nan-Shan Holding Company Ltd. (Purchaser) (a subsidiary of the company) and American International Group, Inc. (seller) entered into the share purchase agreement pursuant to which the seller and the purchaser agreed that the seller will sell and the purchaser will purchase 767,893,139 shares of common stock of Nan Shan Life Insurance Company, Ltd. (Nan Shan), which represent approximately 97.57% of the issued and outstanding share capital of Nan Shan. The purchase price for the sale shares is agreed at USD2,146,588,190. Approximately USD1,205 million will be financed by the net proceeds from the convertible note (CN) placing and the share placing, approximately USD640 million will be financed using a portion of the debt financing granted to a subsidiary of the purchaser, the remaining balance of the purchase price, being approximately USD301 million, will be financed by the Primus Investor Group. Upon acquisition completion, the company will have an indirect and effective interest in approximately 78.06% of Nan Shan. In connection with the acquisition and the payment obligations of the purchaser under the share purchase agreement, the company has separately irrevocably agreed to the seller that it shall, pay the net proceeds from the CN placing, being HKD7,600 million. The lenders have committed to provide debt financing of up to a maximum of the NTD equivalent of USD700 million. |
American International Group, Inc. Says Will Not Sell Two Japan Units Edison and Star-Reuters
October 30, 2009 |
| Reuters reported that American International Group, Inc. said it was no longer looking to sell two of its Japanese units, the latest sign that its new Chief Executive may be taking a slower approach to restructuring. The Company said it would not sell AIG Edison Life Insurance and AIG Star Life insurance because it now believes they will help it improve its corporate value. AIG originally said it was looking to sell the units last year, when it was saved from collapse by a U.S. government bailout. Under its new Chief Executive Robert Benmosche, who has been reviewing its restructuring plan, efforts have slowed to sell at least one other asset. Earlier this month, the Company agreed to sell its Taiwan unit Nan Shan Life Insurance to two little known buyers for $2.15 billion. |
American International Group, Inc. And Maurice Hank Greenberg In Settlement Talks-WSJ
October 16, 2009 |
| The Wall Street Journal reported that American International Group, Inc. and its Former Chief Executive Maurice Hank Greenberg are in advanced talks to settle their legal disputes. The Company may pay any penalties and future legal fees in Greenberg's case with New York Attorney General Andrew Cuomo, adding that the agreement is not certain. A deal could also include the resolution of a $1 billion claim the Company has against Greenberg and another former the Company's executive in a civil lawsuit. The Company may also reimburse Greenberg, who has agreed in recent years to pay millions of dollars to settle other cases related to his time at the Company, some of these costs as well as those of any future settlements. |
American International Group, Inc. Enters Into Agreement To Sell Nan Shan To Consortium Led By Primus Financial And China Strategic Holdings Limited
October 13, 2009 |
| American International Group, Inc. announced an agreement to sell its 97.57% share of Nan Shan Life Insurance Company, Ltd. (Nan Shan) to a consortium comprising Primus Financial Holdings Limited, the Hong Kong based financial services firm, and China Strategic Holdings Limited, the Hong Kong Stock Exchange listed investment company, for approximately USD2.15 billion. |
American International Group, Inc. To Sell Taiwan Life-Insurance Unit To Primus Financial holdings Ltd.-DJ
October 12, 2009 |
| Dow Jones reported that American International Group, Inc. will sell its 97.5%-owned Taiwanese life-insurance unit to a consortium led by Hong Kong-based Primus Financial Holdings Ltd. Terms of the deal were not disclosed. |
Primus Financial Holdings Ltd. Wins Bid For American International Group, Inc.'s Taiwan Unit; Offers $2.2Billion-DJ
October 6, 2009 |
| Dow Jones reported that Primus Financial Holdings Ltd. has won the bid for American International Group, Inc.'s Taiwan unit, with an offer of $2.2 billion. Primus won the bid for Nan Shan Life because it agreed to the insurer's terms, which included keeping Nan Shan's brand and giving staff the money they had contributed to their pension funds. Primus pledged to run the business for at least seven years. |
China Strategic Holdings Ltd, Primus Financial Holdings Ltd And Chinatrust Financial Holding Co. Only Bidder For American International Group Inc.'s Taiwan Unit-DJ
September 22, 2009 |
| Dow Jones reported that Primus Financial Holdings Ltd., its partner China Strategic Holdings Ltd. and Chinatrust Financial Holding Co. are the only bidders left in the race to buy American International Group Inc.'s (AIG) Taiwan unit. The bidders had recently raised their offer prices for the unit, Nan Shan Life Insurance Co. The bids are still going on. American International Group Inc. has not made any decision till now. |
American International Group, Inc. to Sell Asset Management Business to Bridge Partners, L.P.
September 7, 2009 |
| American International Group, Inc. announced that it has agreed to sell a portion of its asset management business to Bridge Partners, L.P., a company owned by Pacific Century Group, at the price of US$ 500 million |
Chinatrust Financial Holdings Co., Ltd. Bids $2.4 Billion for American International Group, Inc. Taiwan Unit-Reuters
September 7, 2009 |
| Reuters reported that Chinatrust Financial Holdings Co., Ltd. offered $2.4 billion for American International Group, Inc.'s Taiwan Nan Shan Life unit, outbidding rivals. Chinatrust's latest bid was above market expectations and was better than the $2 billion target the Company had expected for Nan Shan. |
RSA Insurance Group plc Mulling Bids For American International Group, Inc. and Fortis N.V. Units-Reuters
September 6, 2009 |
| Reuters reported that RSA Insurance Group Plc is mulling bids for the units of American International Group, Inc. and Fortis N.V., which will be funded using the proceeds of GBP614 million ($1 billion) rights issue, The Sunday Telegraph reported. RSA Insurance Group Plc has appointed JP Morgan and Merrill Lynch to prepare a potential capital-raising to help fund expansion across continental Europe and Latin America, the report said, without citing sources. RSA Insurance Group Plc has instructed bankers to examine American International Group, Inc.'s Latin American businesses and Fortis Insurance International, which operates across Europe and Asia, said the report. |
American International Group, Inc. Enters into Agreement to Sell Asset Management Business
September 5, 2009 |
| American International Group, Inc. announced an agreement to sell a portion of its investment advisory and asset management business to Bridge Partners, L.P., a company owned by Pacific Century Group (PCG), the Hong Kong-based private investment firm. The Company is retaining its in-house investment operation that oversees approximately $480 billion of assets under management. The purchase price of approximately $500 million consists of a cash payment of approximately $300 million at closing, plus additional future consideration that includes a performance note and a continuing share of carried interest. The units being sold operate in 32 countries and manage approximately $88.7 billion of investments of institutional and retail clients across a variety of strategies, including private equity, hedge fund of funds, listed equities and fixed income. UBS Investment Bank acted as financial advisor to AIG and Perella Weinberg Partners acted as financial advisor to Pacific Century Group on this transaction. Debevoise & Plimpton LLP served as legal advisor to AIG. |
Three Consortiums, Including Cathay Financial and Primus Financial, Offers Less Than $1.5 Billion For American International Group, Inc.'s Taiwan Nan Shan Unit-Reuters
August 28, 2009 |
| Reuters reported that three consortiums, including Cathay Financial and Primus Financial, have offered less than $1.5 billion for American International Group, Inc.'s Taiwan Nan Shan unit, a source with direct knowledge of the deal said. |
American International Group, Inc.'s Unit To Pay $27.6 Million For Ayala Life Assurance Inc.-DJ
August 28, 2009 |
| Dow Jones reported that American International Group, Inc. will pay PHP1.35 billion ($27.6 million) for a controlling stake in Ayala Life Assurance Inc. Bank of the Philippine Islands said that it was selling a 51% stake in Ayala Life to Philippine American Life Insurance Co., or Philamlife, for an undisclosed sum. |
China Life Insurance Company Limited Eyeing Investments In IPO Candidates Agricultural Bank of China and Asia Unit Of American International Group, Inc.-Reuters
August 25, 2009 |
| Reuters reported that China Life Insurance Company Limited said it may invest in IPO candidates Agricultural Bank of China and the Asia unit of American International Group, Inc. China Life said it has talked to underwriters for AIA, which bailed out U.S. insurer AIG is looking to list via a Hong-Kong initial public offering, about an investment as part of its broader interest in branded firms. American International Group, Inc. has chosen Deutsche Bank and Morgan Stanley as its joint global coordinators for a more than $4 billion IPO for AIA, its Asian life insurance unit. In another potential deal, China Life is considering an equity tie-up with Agricultural Bank of China. Agricultural Bank of China is in talks with strategic investors as it steps up preparation work for a dual listing in Hong Kong and Shanghai as early as the end of this year. |
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