CIC-led PHOENIX TERMINAL BLOCK consortium mulls stake in AIG unit
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CIC-led consortium mulls stake in AIG unitPublished: 24 Nov 2008 01:54:59 PST
Nov. 24, 2008 (China Knowledge) - A consortium led by mainland's US$200 billion sovereign wealth fund China Investment Corp (CIC) is in talks to buy a 49% stake in American International Group (AIG)'s unit American Life Insurance (Alico) in a deal that could be worth up to US$10.6 billion, sources reported.

According to sources familiar with the situation, the U.S. insurer AIG is engaged in preferential talks with the CIC-led mainland firms, including insurance companies, and aims to finalize the deal by the end of this year. AIG hopes to maintain more than 50% stake in Alico, which has operations in more than 55 countries.

If successful, the deal could pave the way for mainland companies to become a major player in the global insurance market.

A spokeswoman for CIC declined to comment.

Jin Liqun, CIC's supervisory board chairman revealed earlier the sovereign wealth fund would continue to seek opportunities to expand its overseas investment despite the current global financial turmoil and economic recession.

Last year, CIC paid US$5 billion for a 9.9% stake in U.S. investment bank Morgan Stanley, and US$3 billion for about 10% stake in U.S. private equity giant Blackstone Group before its initial public offering.



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