(From Reuters)
American International Group (AIG.N) is offering for sale about $1.2 billion worth of shares in China’s PICC Property and Casualty Co Ltd (PICC P&C) (2328.HK) in a block deal, IFR said on Saturday, citing a term sheet of the deal.
AIG’s stake sale is among the biggest block deals in Asia this year and comes at a time when several European and U.S. financial institutions have been trimming their exposure to Chinese banks and insurers.
Citigroup (C.N) and Deutsche Bank (DBKGn.DE) both have sold their minority holdings in Chinese banks in recent months.
AIG is offering 740 million PICC P&C shares in an indicative price range of HK$13.06-HK$13.35 ($1.68-$1.72) each, an up to 8 percent discount to PICC’s Friday close, the term sheet showed. After the latest sale, AIG will be left with some 110 million shares in PICC, according to Thomson Reuters data. AIG has agreed to a 60-day lock-up on those shares, the term sheet showed. Read more