AIG’s Taiwan Deal Shows No Signs Of Completion (AIG)
American International Group (NYSE: AIG) has been pretty successful at selling its international units. However, things don’t look so rosy when it comes to the company’s Taiwan unit, Nan Shan Life. In October, AIG (AIG) had agreed to sell the unit for $2.15 billion to an international consortium. The consortium consisted of China Strategic Holdings Limited and Primus Financial Holdings Ltd. However, the companies have not been able to get requisite approvals from Taiwan authorities.
Reportedly, Taiwan authorities have not even started reviewing the documents. The deal is also likely to get into hot water as the buyers lack the track record in the insurance sector. Nan Shan Life is Taiwan’s third largest insurer on the basis of gross premiums. The deal is also negatively impacted by the accusations that the buyer companies have links with mainland China.
