Media Reports

AIG Plans $2.16 Billion Sale of Taiwan Unit

time:2011-01-13 source:WSJ

 Insurance giant American International Group Inc. has agreed to sell its Taiwan unit to a dark-horse bidder for US$2.16 billion in its second attempt to exit the market and recoup money it owes the U.S. government.


A consortium dominated by Taiwan's Ruentex Group, which owns interests in supermarkets, cement and finance, signed the deal with AIG, winning out over three financial holding companies from the island that were also competing to acquire AIG's Nan Shan Life Insurance Co. unit.

However, the buyers' relative lack of industry experience could raise concerns from Taiwan's financial regulator, which has to approve the deal ...



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