Board meets Wednesday for China sale or Hong Kong IPO
AIG’s board is expected to decide on Wednesday to sell or float its AIA Asian life unit after the failed bid from Prudential, Reuters reports.
The South China Morning Post reported that four Chinese groups approached AIG and the US Treasury Department after Prudential withdrew its $35.5bn bid for AIA in June after trying unsuccessfully to renegotiate the price.
Chances of an AIA IPO have been bolstered after strong institutional demand for Agricultural Bank of China.
The South China Morning Post said one potential buyer is led by Shan Weijian, chairman of the Pacific Alliance Group, who also formerly worked at Newbridge, the Asia unit of US private equity firm TPG.
