American International Group (AIG), which would like to spin off its Taiwan-based Nan Shan Life Insurance unit, has a few live ones nibbling on the line to snap up the business, according to a Bloomberg report. AIG, which is in the process of selling off assets to help repay the U.S. Treasury for its $182.3 billion bailout, disclosed in a Securities and Exchange Commission filing released Tuesday that Nan Shan has attracted unsolicited offers ranging from $2.15 billion to $3 billion.
Although AIG didn't disclose the names of the bidders in this filing, Cathay Financial Holding and Fubon Financial Holding are reportedly in the mix. In August, Taiwanese regulators blocked a $2.15 billion sale of Nan Shan to China Strategic Holdings and Primus Financial Holdings over concerns about those buyers' possible political ties to the government of mainland China.
Taiwan Secom on Tuesday noted it plans to create a buyout group comprised of Goldsun Development & Construction and Primus, joining other bidders including Cathay Financial, Chinatrust Financial Holding, Fubon Financial and a Ruentex Group investment consortium that submitted offers early last month, according to Bloomberg. AIG noted in November that it expects to unload Nan Shan within 12 months.
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