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March 06, 2012 at 07:55 AM
American International Group said today that it had completed the sale of 14 percent of the stock of its Hong Kong life insurer, AIA Group, Ltd., at the projected price of approximately $6 billion.
AIG said the deal will close Thursday, and that it received a price of HK$27.15, or $3.50, each for the shares.
The sale leaves AIG holding 18.6 percent of the stock of AIA, regarded as one of its trophy holdings before it got into financial trouble in 2008.
In its release, AIG said that it is restricted from selling the remaining 19 percent of AIA that it still owns until Sept. 4.
AIG said it sold 1.72 billion shares—slightly more than the planned 1.7 billion—at HK$27.15 each, at the bottom of its indicative price range. That price represents a 7 percent discount to Friday’s closing price on the Hong Kong market.
