Deals
AIG Chief Rebuffs Icahn Plan, Says Split Doesn't Make Sense
- Hancock says he'd `of course' be willing to meet with Icahn
- CEO is open to asset sales, says there are no sacred cows
AIG's Hancock Rebuffs Icahn Plan
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American International Group Inc. Chief Executive Officer Peter Hancock dismissed activist investor Carl Icahn’s proposal to split the company into three insurers, saying a division would limit earnings diversity and reduce the value of some tax assets. The stock declined in New York trading.
“Management and the board have carefully reviewed such a separation on many occasions, including in the recent past, and have concluded it did not make financial sense,” Hancock said of Icahn’s plan in a conference call Tuesday. “We of course will meet with him to further share our conclusions and give him an opportunity to elaborate on his views.”