Zack's: Yesterday the Commercial Times reported that a consortium of investors is being built to bid for Nan Shan, a Taiwan division of American Insurance Group (AIG). This consortium comprises Primus Financial Holdings Ltd., Goldsun Development & Construction Co. and Transasia Airways Corp. Other bidders, including Cathay Financial Holding Co., Chinatrust Financial Holding Co. and Ruentex Group, have already submitted their bids on Friday. The bids are in the range of $2.2 billion to $2.5 billion. Fubon Financial Holding Co. has also been expectedly invited by AIG to bid for the deal. Follow up:
Nan Shan is the third largest position in the Chinese insurance market with more than 4 million policy holders.
AIG has been working for the past several quarters to sell its unnecessary businesses in an effort to repay the bailout money. In the last couple of months, the company completed the successful IPO of AIG’s AIA Group Ltd. while also disposing of other assets such as ALICO to MetLife Inc. (MET - Analyst Report), Japan-based AIG Star and AIG Edison to Prudential Financial Inc. (PRU - Analyst Report) and AGF to Fortress Investment Group LLC (FIG - Snapshot Report). Recently, AIG also announced its intention to vend its rail-car leasing wing, AIG Rail Service Inc. Read more at Zack's.....