Once the poster child for the U.S. financial crisis, the insurer's business is now thriving, and the stock has doubled since August of 2009. CNBC's Mary Thompson reports on the company's turnaround.» Read More
The U.S. Treasury is selling its remaining stake in insurer American International Group, bringing an end to government ownership of the company about four years after a $182 billion bailout.
Treasury is selling its remaining stake in insurer American International Group Inc, bringing an end to government ownership of the company about four years after a $182 billion bailout.
*Offer worth $7.8 bln at Monday's closing share price of $33.36. At Monday's closing share price of $33.36, the stake would be worth some $7.81 billion. Treasury said that the sale, which is expected to price imminently, would be jointly led by Bank of America Merrill Lynch, Citigroup, Deutsche Bank, Goldman Sachs and JPMorgan Chase& Co..
Sept. 17: The government removes Robert Willumstad as AIG's chief executive and names former Allstate CEO Edward Liddy to replace him. March 2: Bailout is restructured again to give the Fed preferred interests in life insurers ALICO and AIA. Aug. 10: Robert Benmosche, the former CEO of MetLife, takes over as AIG's chief executive.
*ILFC deal will boost China outbound M&A to $56.8 bln in 2012. Chinese firms have shown interest in aircraft leasing before, and the deal would give China access to a global network of about 200 airlines in 80 countries.
*Bid by Chinese consortium to value ILFC at $5.5 billion. *ILFC has been expanding in Asia since beginning of 2012. HONG KONG, Dec 7- A group of Chinese companies, including Industrial and Commercial Bank of China, is in talks to buy American International Group Inc's aircraft leasing unit for about $5.5 billion, two sources familiar with the matter said on riday.
*Bid by Chinese consortium to value ILFC at about $5.5 billion. By Michael Flaherty and Denny Thomas. HONG KONG, Dec 7- A group of Chinese companies, including the Industrial and Commercial Bank of China, is in talks to buy American International Group Inc's aircraft leasing unit for about $5.5 billion, a source familiar with the matter said on Friday.
*ILFC had total assets worth $39.6 billion. HONG KONG, Dec 7- A group of Chinese companies, including the Industrial and Commercial Bank of China, is in talks to buy American International Group's aircraft leasing unit for around $5.5 billion, a source familiar with the matter said on Friday.
*EPS of $1.13 vs 86 cent Street view. The remaining stake pertains to AIG shares the Treasury Department owns in exchange for capital it infused. Last quarter, the Treasury Department sold $26.5 billion worth of AIG shares, including approximately $8 billion purchased by AIG.
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