Four Chinese consortiums eye AIG Asia unit
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Four Chinese consortiums have approached AIG to acquire the U.S. insurance giant's Asian unit AIA, China Business News reported Wednesday.
One of the consortiums is led by Shan Weijian, chairman of Pacific Alliance Group, and another by Zhang Songqiao, chairman of Hong Kong-based C C Land Holdings Limited. Fosun Group's chairman Guo Guangchang heads the third, while the fourth group is made up of Hong Kong and Taiwan investors.
The four consortiums all claim support from mainland banks or insurers, Hong Kong media cited banking industry insiders as saying.
But Shan Jianwei told journalists that the reports were "unconfirmed rumors". And a Fosun spokesman said that while they are interested in taking over AIA, they are not currently involved in any deal.
AIA declined to comment.
AIG plans to sell AIA to raise money to pay back financial aid received from the U.S. government in 2008. In March this year, British insurance giant Prudential sought to acquire AIA for US$35.5 billion but the plan failed for lack of shareholder support.
China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
