AIG to sell $US15 billion life asset
Embattled US insurance conglomerate AIG has reportedly again entered talks with life insurer MetLife to hand over its American Life Insurance Company (Alico).
Late last month AIG said it had entered into an agreement with the Federal Reserve Bank of New York for an initial public offering for Alico.
Under the agreement, AIG will contribute the equity of Alico to a special purpose vehicle and the Federal Reserve would receive $US9 billion ($11.5 billion).
Initial talks with Metlife earlier this year broke down after the two companies failed to reach an agreement over the price.
AIG hopes the transaction will reap $US15 billion ($19.2 billion).
Late last month AIG said it had entered into an agreement with the Federal Reserve Bank of New York for an initial public offering for Alico.
Under the agreement, AIG will contribute the equity of Alico to a special purpose vehicle and the Federal Reserve would receive $US9 billion ($11.5 billion).
Initial talks with Metlife earlier this year broke down after the two companies failed to reach an agreement over the price.
AIG hopes the transaction will reap $US15 billion ($19.2 billion).