On August 31, 2009
The Price Isn’t Right: AIG Asset Sales Hit Snags
By all accounts, plans to sell the assets of crippled insurance giant American International Group aren’t going well. Recent events indicate buyers are still offering less than AIG thinks its pieces are worth. AIG’s Taiwan-based Nan Shan Life unit got four bids, all of which were less than the $2 billion the insurer wanted, reports The Wall Street Journal. Each bid was less than $1.5 billion, “throwing the sale into doubt,” said one news service. AIG’s entire Asian life insurance unit is also up for sale. Analysts hoped for good things since the Asian market hasn’t been tainted by the Congressional hearings and free-flowing outrage that has damaged AIG’s reputation and client base in this country. When former MetLife CEO Robert…
0 Comments