American insurer AIG, in the salvation of which the U.S. government spent 180 billion dollars, will attract about 4 billion dollars through the IPO of shares of its key divisions in Asia, the agency reported yesterday by Reuters. This placement may become the largest in the Hong Kong Stock Exchange in April 2007 but, according to analysts, this decision may be complicated by the negative image of AIG.
AIG yesterday officially announced the acceleration of the process of «allocation of an independent company» its Asian insurance unit lives of American International Assurance (AIA) and the «find its public posting on one of the Asian markets». In preparation for the IPO AIG will help Blackstone, who will select the immediate deployment of a possible coordinator. AIA offers life insurance, pensions and asset management 20 million people in 13 countries in Asia, with headquarters offices in Hong Kong. Assets exceed 60 billion U.S. dollars, operating profit AIA last year was about $ 2 billion
Last year, AIG has already tried to sell AIA entirely, hoping to gain for the company about 20 billion dollars, but the contenders for the asset, which were British insurer Prudential and Singapore's sovereign fund Temasek, had refused to pay the price. In March, one of the top managers of AIG in Asia, valued the company at 20-25 billion dollars reported Reuters, AIG is inclined to sell about 20% stake in AIA on the Hong Kong Stock Exchange in the first half of 2010, hoping to attract at least 4 billion dollars that could become the largest IPO in Hong Kong in April 2007 when the Chinese bank Citic attracted 4.2 billion U.S. But the volume of placements may be more – according to the The Financial Times, AIG can draw, depending on market conditions, 5 — U.S. $ 10 billion by selling 25-30% stake in AIA.
According to analysts, the office of AIA AIG and the sale of shares in the market – a good step to take care of the negative reputation of AIG, although the IPO may face some difficulties. «Markets are very sensitive now, especially to American companies. While the AIG Asian business does not have virtually nothing in common with the United States, this business still has traditionally been associated with AIG. Nevertheless, in general, this IPO has all chances to become successful, because the liquidity in Asia continues to be well », – quotes Reuters dealer Cheer Pearl Investment Alfred Chan. «The longer the AIA will be a part of AIG, the worse will be its prospects, as well as AIG negatively affect the perception of the company», – analyst agrees Core Pacific Yamaichi Olive Xia.
Most is AIG needed to raise funds for the reckoning with the United States, spent on saving the company from collapse to $ 182.5 billion in September last year. AIG has already signed deals to attract around U.S. $ 5.5 billion through the sale of the motor insurance in the U.S. real estate in Japan and other assets.
ANDREY KOTOV
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