Deals
AIG Sells AIA Stake as Benmosche Seeks Funds for Buybacks
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American International Group Inc., the bailed-out U.S. insurer, is raising as much as $2 billion selling a stake in AIA Group Ltd. as the company seeks to repurchase its stock from the U.S. Treasury Department.
AIG is offering about 600 million AIA shares at HK$26.30 to HK$26.50 ($3.39 to $3.42), above the mid-point of the original range of HK$25.75 to HK$26.75, according to a term sheet obtained by Bloomberg News. AIG plans to spend as much $5 billion buying back its shares, it said in a statement today.