AIG to raise up to US$6.5b through AIA share sale

American International Group (AIG) may raise up to US$6.5 billion through the sale of its remaining stake in Asian insurer AIA, a source said on Monday, marking AIG’s total exit from a company it has held a stake in for nearly 100 years.

The source, who has direct knowledge of the matter, told Reuters that AIG would sell the 13.69 per cent, or 1.65 billion block of shares, in the range of HK$29.65-HK$30.65 per share. AIA’s stock closed at HK$31.65 on Friday.

The source declined to be identified as the price range was not yet public.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1107036/aig-raise-us65b-through-aia-share-sale