Qatar, Japan funds may bid for AIG Taiwan unit
Taipei, August 30, 2010
Japanese and Qatari investment firms may consider a bid for American International Group's Taiwan unit if a current bid for it does not go through, Taiwan's Commercial Times newspaper said on Monday.
The paper cited a former Taiwanese diplomat as saying he had set up a company to make a bid and had talked to Japan-based Firix Partners and a Qatari fund about funding for a bid worth some $2.5 billion.
AIG's $2.2 billion sale of the Nan Shan unit to a group led by China Strategic has stalled amid concern the buyer group is backed by mainland Chinese money and lacks both experience in the insurance business and the ability to raise funds for future operations.
Taiwan's Financial Supervisory Commission started a final review of the China Strategic bid earlier this month and could make a decision on the sale as soon as next month.
AIG has said it is committed to the sale to China Strategic and will not entertain any other bids.
Taiwanese bank Chinatrust Holdings has said it would bid for Nan Shan if the current deal fell through. – Reuters