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AIG said to seek up to $20b in Asia unit IPO: Update

October 5th, 2010 | No Comments

American International Group Inc., the bailed-out insurer, is seeking as much as HK$115.3 billion ($19.6 billion) in an initial public offering of its Asia unit in Hong Kong, two people with knowledge of the matter said.

The company plans to sell as many as 5.9 billion shares of AIA Group at HK$18.38 to HK$19.68 each, said the people, who declined to be identified because the discussions are private. The offering represents a stake of about 49% of the company, the people said, which would value Hong Kong-based AIA at as much as $30.6 billion ($40.3 billion).

AIG said to seek up to $19.6 b in Asia unit IPO: Update

October 5th, 2010 | No Comments

The company plans to sell as many as 5.9 billion shares of AIA Group at HK$18.38 to HK$19.68 each, said the people, who declined to be identified because the discussions are private. The offering represents a stake of about 49 percent of the company, the people said, which would value Hong Kong-based AIA at as much as US$30.6 billion ($40.3 billion).

AIG said to seek up to $19.6b in Asia unit IPO

October 5th, 2010 | No Comments

AIG said to seek up to US$14.9b in Asia unit IPO : Update

October 4th, 2010 | No Comments

American International Group Inc., the bailed-out insurer, may seek as much as US$14.9 billion ($19.6 billion) in an initial public offering of its main Asia unit, according to two people familiar with the plan.

The insurer plans to sell as many as 5.9 billion shares of AIA Group at a price of HK$18.38 ($3.11) to HK$19.68, said the people, who declined to be identified because the plan is private. New York-based AIG may keep a stake of about 50% of AIA.

Prudential confirms AIG deal terminated

June 3rd, 2010 | No Comments

UK insurer Prudential on Thursday confirmed its agreement to buy American International Group’s (AIG.N) Asia life insurance unit had been terminated and said it would pay AIG a termination fee of 152.6 million pounds ($314.1 million).

Prudential (PRU.L) (2378.HK) (PRTL.SI) said in a filing to Hong Kong stock exchange that it would not proceed with the rights issue or other financing related to the deal, and would not bring any resolutions to court or shareholder meetings. It added an annual general meeting would go ahead as planned June 7.

Pru deal near collapse as AIG snubs lower offer: Update 2

June 1st, 2010 | No Comments

Prudential’s (PRU.L) bid for rival AIG’s (AIG.N) Asian unit appeared close to collapse after AIG rejected the British insurer’s lowered offer of US$30.38 billion ($42.6 billion) in cash and shares.

The deal’s unravelling could cast doubt over the future of Prudential Chief Executive Tidjane Thiam less than a year after he took the top job.

AIG snubs lower Pru offer, deal in jeopardy: Update

June 1st, 2010 | No Comments

American International Group (AIG.N) said it would not consider revising the terms of a deal for its Asian life insurance unit with British insurer Prudential Plc (PRU.L), in a move that threatens to derail the industry’s largest ever transaction.

Separately, Prudential said in a statement it had offered to cut the deal’s value to $30.38 billion ($42.6 billion) — offering US$23 billion in cash and about 2.16 billion new Prudential shares.

It noted AIG’s announcement and said it was considering its position.

AIG says will stick to original deal with Prudential

June 1st, 2010 | No Comments

American International Group will not cut the terms of the US$35.5 billion ($49.8 billion) takeover deal previously agreed with British insurer Prudential Plc (PRU.L), potentially threatening the deal.

Prudential (2378.HK) (PRTL.SI) and American International Group Inc (AIG) (AIG.N) reopened negotiations last week to salvage the deal after many shareholders said Prudential was overpaying in its move to become Asia’s dominant insurer.

UKâ€™s Prudential wants to pay less to save AIA deal

May 30th, 2010 | No Comments

Prudential (PRU.L) has entered talks to cut its US$35.5 billion offer for AIG’s (AIG.N) Asian life insurance arm in a last-ditch bid to salvage a deal criticised by shareholders as too expensive.

The UK’s biggest insurer wants to cut the price to about US$30 billion, a reduction of 15%, said one source close to the deal, who asked not to be named.

Pru chairman says confident of shareholder approval

May 25th, 2010 | No Comments

Harvey McGrath, chairman of British insurer Prudential plc (PRU.L), said on Tuesday that he was confident of gaining shareholder approval for its proposed US$35.5 billion ($50.2 billion) takeover of American International Assurance, the Asian life insurance business of AIG (AIG.N).

The Guy Who Brought Down AIG – and Maybe the World Economy – Gets Off Scott-Free, and Gets to Keep $315 Million in Loot

April 10th, 2010 | No Comments

Jospeh Cassano, the guy who brought down AIG – and maybe the world economy – with trillions in risky derivatives deals which AIG couldn’t back up, is getting prosecuted … and the government will claw back all the money he made, right?Uh, no.In realit…

Congressman Grayson Demands Release of AIG Emails

March 19th, 2010 | No Comments

Congressman Grayson sent the following letter to AIG’s trustee:
March 18, 2010 AIG Credit Facility Trust Trustee Peter A. Langerman Trustee Chester B. Feldberg Trustee Jill M. Considine Arnold & Porter LLP 399 Park Avenue
New York, N…

Prudential Plc, AIG CEOs meet Asia staff; talk AIA future, jobs

March 4th, 2010 | No Comments

Any job losses from Prudential Plc’s (PRU.L) planned US$35.5 billion ($49.7 billion) acquisition of American International Group’s (AIG.N) Asian insurance arm will be mainly in back-office operations and not among sales forces, the companies’ CEOs told staff in Asia, sources said.

Prudential CEO Tidjane Thiam and his AIG counterpart Robert Benmosche are leading a series of ‘town hall’ meetings across Asia that aim to allay concerns among staff of both companies.

UKâ€™s Prudential confirms to buy AIG Asia for US$35.5b

March 1st, 2010 | No Comments

Britain’s Prudential (PRU.L) said it would buy AIG’s (AIG.N) Asian life insurance arm for US$35.5 billion ($50 billion), making it the undisputed foreign leader in one of the world’s fastest-growing financial services markets.

The acquisition of AIA will be funded by a rights issue of US$21 billion including costs and fees, the biggest ever acquisition-related cash call, and by a US$5 billion debt issue, Prudential said on Monday, confirming an earlier Reuters report.

Prudential said to consider issuing over 10% of shares to AIG

March 1st, 2010 | No Comments

Prudential Plc plans to issue more than 10% of new shares to American International Group Inc. as part of a planned US$35 billion ($49.2 billion) bid for an Asia life unit, said a person familiar with the plan.

Make AIG’s Emails Public

December 23rd, 2009 | No Comments

Call or write your Congressional and Senate representatives and tell them that you’re joining the following people in demanding that all of AIG’s emails to be made public, so that we can gain insight into what really caused the financial crisis:William…

6 Congress Members Demand Complete Audit of Fed in Light of AIG Counterparty Fiasco

November 18th, 2009 | No Comments

Emailed to me by a contact in Congress. November 18, 2009 The Honorable BarneyChairman, House Financial Services Committee2129 Rayburn House Office BuildingWashington, DC 20515The Honorable Christop…

Special Inspector: AIG Counterparty VOLUNTEERED to Take a Haircut, But Geithner Refused

November 16th, 2009 | No Comments

I received an advance copy of the Special Inspector General for Tarp’s Report called “Factors Affecting Efforts to Limit Payments to AIG Counterparties”, which will be released tomorrow (posted below).The report reveals that at least one counterparty …

Tavakoli on AIG Swaps: “Thereâ€™s No Way They Should Have Paid at Par. AIG Was Basically Bankrupt”, and Goldman Sachs CFO Lied About AIG

October 27th, 2009 | No Comments

Derivatives expert Janet Tavakoli made the following comments by email about the Bloomberg article “New York Fedâ€™s Secret Choice to Pay for Swaps Hits Taxpayers”: â€œThereâ€™s no way they should have paid at par,â€ she says. â€œAIG was basically ban…

States’ Projected Budget Gap: $166 Billion. AIG Bailout to Cover Gambling Debts: $180 Billion. Portion that Went to Foreign Banks: $40 Billion.

July 24th, 2009 | No Comments

Arianna Huffington writes:America’s states are facing a projected cumulative budget gap of $166 billion for fiscal 2010. Even more budget gaps are expected for fiscal 2011. Total shortfalls through 2011 are estimated at $350 billion to $370 billion -…

Posts Tagged ‘aig’

AIG said to seek up to $20b in Asia unit IPO: Update

Prudential confirms AIG deal terminated

Pru deal near collapse as AIG snubs lower offer: Update 2

AIG snubs lower Pru offer, deal in jeopardy: Update

AIG says will stick to original deal with Prudential

UKâ€™s Prudential wants to pay less to save AIA deal

Pru chairman says confident of shareholder approval

The Guy Who Brought Down AIG – and Maybe the World Economy – Gets Off Scott-Free, and Gets to Keep $315 Million in Loot

Congressman Grayson Demands Release of AIG Emails

Prudential Plc, AIG CEOs meet Asia staff; talk AIA future, jobs

UKâ€™s Prudential confirms to buy AIG Asia for US$35.5b

Prudential said to consider issuing over 10% of shares to AIG

Make AIG’s Emails Public

6 Congress Members Demand Complete Audit of Fed in Light of AIG Counterparty Fiasco

Special Inspector: AIG Counterparty VOLUNTEERED to Take a Haircut, But Geithner Refused

Tavakoli on AIG Swaps: “Thereâ€™s No Way They Should Have Paid at Par. AIG Was Basically Bankrupt”, and Goldman Sachs CFO Lied About AIG

States’ Projected Budget Gap: $166 Billion. AIG Bailout to Cover Gambling Debts: $180 Billion. Portion that Went to Foreign Banks: $40 Billion.

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