AIA Group 1299
Posted: Sat Aug 14, 2010 9:48 pm
DJ Fosun Group-Led Consortium Pulls Out Of Bid For AIG Arm - Report
SHANGHAI (Dow Jones)--A consortium led by China's Fosun Group, a large privately owned investment conglomerate, has pulled out of a bid for American International Group Inc.'s (AIG) Asian insurance arm because the parties couldn't agree a price, the 21st Century Business Herald reported Friday, citing unnamed investment banking sources.
The report said AIA's asian arm, American International Assurance Co., wanted US$32 billion to US$34 billion to be taken over by the consortium, which also includes China Life Insurance Co. (LFC) and state-run debt-clearing agency China Cinda Asset Management Co. That was much higher than the consortium was willing to pay, it added.
In July, Hong Kong newspaper the South China Morning Post said at least four consortia made up of Chinese investors had approached AIG about its Asian insurance division. One was led by Fosun Group, another by Shan Weijian, chairman of Pacific Alliance Group, another by Zhang Songqiao, chairman of Hong Kong-based CC Land Holdings Ltd., along with a consortium of Hong Kong and Taiwanese investors, according to the Hong Kong paper.
Source: Dow Jones Newswires
SHANGHAI (Dow Jones)--A consortium led by China's Fosun Group, a large privately owned investment conglomerate, has pulled out of a bid for American International Group Inc.'s (AIG) Asian insurance arm because the parties couldn't agree a price, the 21st Century Business Herald reported Friday, citing unnamed investment banking sources.
The report said AIA's asian arm, American International Assurance Co., wanted US$32 billion to US$34 billion to be taken over by the consortium, which also includes China Life Insurance Co. (LFC) and state-run debt-clearing agency China Cinda Asset Management Co. That was much higher than the consortium was willing to pay, it added.
In July, Hong Kong newspaper the South China Morning Post said at least four consortia made up of Chinese investors had approached AIG about its Asian insurance division. One was led by Fosun Group, another by Shan Weijian, chairman of Pacific Alliance Group, another by Zhang Songqiao, chairman of Hong Kong-based CC Land Holdings Ltd., along with a consortium of Hong Kong and Taiwanese investors, according to the Hong Kong paper.
Source: Dow Jones Newswires