Schreib etwas an die Pinnwand …UPDATE 3 steam trap -China Life drops out of bidding for AIG Asian unitsteam trap Circuit breaker suppliers Solar panel box outdoor sculpture Butterfly valve strapping machine channel rubber printing company Surge arrester guangzhou escort aluminum cookware Apparel Accessories PET Packing Strap Extrusion Line lithium battery Leather suppliers tattoo sticker AC contactor alcohol fireplace milling machine outdoor play equipment UPDATE 3-China Life drops out of bidding for AIG Asian unitPublished: 03 Mar 2009 18:03:29 PST
* Cites worries about the quality of the business
* Withdrawal further hurts chances for auction of unit
* Prudential makes modest offer, source says
* AIG valued unit at up to $40 billion – sources
LONDON/BEIJING, March 3 – U.S. insurer AIG’s saleof its prized Asian business stumbled as a big Chinese suitorwithdrew, while an offer from rival British bidder Prudentialwas too low.
China Life pulled out of the bidding for AIA on worriesabout the quality of the business, the Chinese insurer’schairman Yang Chao told reporters before a meeting of aparliamentary advisory body in Beijing.
And while UK insurer Prudential offered a ”modest price”,its expression of interest did not meet the seller’s pricingexpectations, a person familiar with the matter said.
The lukewarm reactions are a further blow to hopes for anauction of the unit, which AIG has struggled to sell amidchallenging capital markets.
Reuters reported previously that hopes for a sale werepinned on Prudential, Canadian insurer Manulife and theSingapore sovereign wealth fund, Temasek Holdings.
Manulife has also made a preliminary offer for AIA, anotherperson familiar with the matter said.
Prudential and AIG had no comment on the matter. Manulifecould not be reached immediately for comment.
Hopes for a bid by China Life were rekindled last week afterthe vice chairman of the China Insurance Regulatory Commissionsaid Chinese firms would decide on purely commercial groundswhether to bid for AIA.
Vice Chairman Li Kemu also said the regulator had afavourable view of AIA assets, especially in China and HongKong.
AIG, which is trying to sell assets to pay back the U.S.government after a massive rescue, aimed to sell the businessfor between $20 billion and $40 billion, depending on the sizeof the stake sold, people close to two parties that have lookedat AIA have told Reuters.
AIG said on Monday it had received preliminary proposals forall or part of AIA and was also considering a full or partialinitial public offering for the unit. The deadline for bidsexpired last Friday.
AIG plans to put AIA and American Life Insurance Co, anotherlarge foreign life insurance business it has been trying tosell, in trusts and give the U.S. government preferred ownershipinterest in them.
The insurer hopes to reduce the outstanding balance of aFederal Reserve credit line by up to $26 billion in return forpreferred shares in these operations.
Plans to sell up to 49 percent of AIA, considered AIG’scrown jewel in Asia, were first put in place last fall, shortlyafter the U.S. government saved AIG from collapse.
AIG posted a record quarterly loss of $61.7 billion onMonday and said the government had agreed to revise its bailoutpackage, giving the company access to a new $30 billion equitycommitment. Officials concluded that letting the insurer failwould imperil the world financial system.
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