24.02.2009
The U.S. insurance company American International Group Inc. received bids from its competitors MetLife Inc. and Axa SA for the acquisition of the life insurance that covers more than 50 countries, reported Bloomberg.
If the transaction takes place, it will be the largest in a series of sales of assets AIG, conducting a restructuring, say sources familiar with the situation.
MetLife has made a preliminary proposal for $ 11.2 billion for the acquisition of American Life Insurance Co. (Alico), but in the course of negotiations the price can be reduced to $ 8 billion because of the deteriorating financial condition of the units of AIG. In turn, the proposal excludes the purchase of Axa operations Alico Japan, which is the largest market for the company.
AIG forced to sell off parts of its business in order to partially repay gospomosch a $ 150 billion but the company may postpone the sale of Alico, if it does not find a buyer with a decent proposal.
"The future of AIG is in the hands of the government. This company is too big to fail, so the best option - it is the sale of certain structures that are still functioning, naprimertakih as Alico. And with the bad assets will help to understand the American government", - said Mitsusige Aquino (Mitsushige Akino) from Tokyo Ichiyoshi Investment Management Co.
For MetLife, which has become the largest life insurer in the U.S., buying Alico will attract clients from five continents - from Britain to Japan.
AIG is seeking to sell two-thirds of its assets and, in addition to Alico, sells individual life insurance unit in the Philippines and the U.S., as well as the 49% stake in the insurer, which operates in Asia, including China.
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