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.
Once all bailout funds are repaid, AIG CEO Bob Benmosche on Monday said the insurer will produce a profit of up to $10 billion for taxpayers.