Monday, March 1, 2010

AIG Sells Asian Life Unit to Prudential Plc for $35.5 Billion

 

American International Group Inc. agreed to sell an Asian life insurance unit with 20 million customers to Prudential Plc for $35.5 billion in the company’s biggest divestiture since it was bailed out by the U.S.

Prudential, Britain’s biggest insurer, will pay $25 billion in cash and $10.5 billion in stock and other securities for AIA Group Ltd., the London-based insurer said in a statement today. The insurer said it plans to raise $20 billion in a rights offering and sell about $5 billion of bonds to finance the cash part of its offer.

 

FULL STORY:

http://www.bloomberg.com/apps/news?pid=20601087&sid=adczb4pX60uk&pos=1

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