TAIPEI, Sept 4 AIG (AIG.N) will likely now
announce the buyer of its Taiwan Nan Shan Life unit at the end
of September instead of on Friday, a local newspaper reported,
after potential buyers bid below the $2 billion the insurer had
The four buyer groups, including Hong Kong-based Primus
Financial and Taiwan's Chinatrust (2891.TW), have been notified
that "the final result of the Nan Shan bidding will be decided
in a month," Chinese-language newspaper Commercial Times said
on Friday, citing unnamed sources.
Nan Shan officials declined to comment on the report.
Bailed-out U.S. insurer American International Group (AIG)
had been expected to announce the result today, according to
some local sources and media reports.
Three of the four bidders for Nan Shan offered less than
$1.5 billion each, sources close to the companies said last
The joint bid by investment firm Primus Financial and Hong
Kong battery maker China Strategic (0235.HK) was one of the
highest at between $1.2 billion and $1.3 billion, sources said.
The other two bidders were Taiwan's Cathay Financial
(2882.TW) and a consortium of Carlyle Group [CYL.UL] and
Taiwanese partner Fubon Financial (2881.TW), sources have said.
Chinatrust Financial, Taiwan's top credit card issuer, also
had submitted a bid for Nan Shan, though no detail on its offer
The low bids might scuttle the Nan Shan unit's sale, based
on comments made by Robert Benmosche, who last month was named
AIG's new chief executive officer.
In an interview with Reuters, Benmosche had said he did not
favour quickly shedding assets at any price. [ID:nN26286770]
(Reporting by Faith Hung; Editing by Muralikumar