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UBS buys AIG commodity index for up to $150 mln
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ZURICH, Switzerland - Swiss bank UBS AG said Monday it is buying the commodity index business of American International Group Inc. for up to $150 million.
UBS said it would pay $15 million upfront for AIG's product platform of commodity index swaps and funded notes.
This would be followed by further payments of up to $135 million over the following 18 months, depending on how the business fares, it said.
The bank said the deal is subject to regulatory and "other conditions," without specifying.
New York-based insurance giant AIG is in the process of restructuring its business after receiving a massive cash infusion last year from the U.S. government.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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