AIG confirms plans to spin off Asian unit in IPO

19 May 2009

American International Group has begun the search for bookrunners for an initial public offering of its Asian life insurance unit and has hired Blackstone to handle the process.

AIG, which has borrowed more than $180bn from the US government to avoid a collapse, said on Sunday it would offer shares in American International Assurance on an Asian exchange, without specifying its target stock market or the timing of a deal.

AIG values AIA at $20bn-$25bn, prompting ...

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