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AIA Striving for Re-bidding by Chinese Consortium

 

Thursday, Aug 19,2010, 8:49:37 PM   Click:

BEIJING, August 19, SinoCast -- AIA, a subsidiary under the US AIG specializing in the life insurance in Asia, is likely to re-negotiate with Chinese acquisition consortium as it has to increase the chip on its listing in Asia.

Three Chinese institutions, including large-sized non-state-owned investment company Fosun Group, decided to withdraw from the acquisition of AIA, due to too high quoted price, disclosed related investment banks on August 14, 2010.

Currently, AIG and AIA are active to seek for bidders for a 30% stake in AIA. Besides China Investment Corporation (CIC), Government of Singapore Investment Corp., Temasek Holdings, and Abu Dhabi, Kuwait, and Qatar sovereign wealth funds, investment groups consisting of several Chinese companies participated in the bidding. In addition to some private equity funds, several large-sized financial institutions, including China Life, China Cinda Asset Manamgent Co., Ltd., and Industrial and Commercial Bank of China (ICBC, SHSE: 601398 and SEHK: 1398) also in the investment groups.

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