www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

US EUROPE AFRICA ASIA 中文
Business / Companies

AIG raises $1.25b selling PICC stock near bottom of range

(Bloomberg) Updated: 2016-05-03 08:22

American International Group Inc raised $1.25 billion selling shares of Chinese insurer PICC Property & Casualty Co near the low end of a marketed range.

The largest commercial insurer in the United States and Canada sold 740 million shares of PICC P&C at HK$13.08 ($1.69) apiece, after earlier offering them at HK$13.06 to HK$13.35, according to terms for the deal obtained by Bloomberg. The price represents a 7.9 percent discount to the stock's last close.

AIG Chief Executive Officer Peter Hancock, under pressure from activist investors John Paulson and Carl Icahn to boost returns and simplify operations, announced in January he was creating a new legacy portfolio. That book includes about a quarter of the company's equity and is comprised of discontinued businesses and investments that AIG plans to exit. The PICC P&C holding is one of the easier ones to sell, given that the stock is publicly traded in Hong Kong.

"On the legacy portfolio, we think that the right metric for success is how quickly we can extract capital by either divestitures, reinsurance, or other efficient runoff methods without giving away too much of our book value," Hancock said in a Jan 26 presentation. The CEO plans to free up about $9 billion as part of a two-year plan to fund $25 billion of share buybacks and dividend payments.

AIG owned about 851 million shares in Beijing-based PICC P&C at the end of December, according to data compiled by Bloomberg. After the sale, AIG is subject to a 60-day lockup on its remaining stake, according to the terms. Morgan Stanley was among banks that arranged the sale, the terms show.

AIG bought about 1.1 billion shares at HK$1.80 each in the initial public offering of PICC P&C in 2003, data compiled by Bloomberg show. The US insurer also took part in PICC P&C's rights offerings in recent years at subscription prices of less than HK$8.

Last year, AIG pared its stake via two major transactions, selling 256.5 million shares at HK$15.15 each in March and then disposing of another 361 million shares at HK$16.14 apiece in December, data compiled by Bloomberg show.

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 丁香狠狠色婷婷久久综合 | 男人的天堂视频在线观看 | 国产成人免费观看在线视频 | 一区二区三区网站在线免费线观看 | 中文字幕日韩三级 | 色资源二区在线视频 | 亚洲视频成人 | 蝴蝶成人世界第八影院 | 韩国日本一级片 | 香蕉tv亚洲专区在线观看 | 国产美女作爱全过程免费视频 | 亚洲一级毛片欧美一级说乱 | 国产精品资源手机在线播放 | 一区二区三区四区在线播放 | 欧美一级高清视频在线播放 | 精品72久久久久久久中文字幕 | 国产三级香港在线观看 | 国产成人精品视频免费大全 | 国产一区亚洲欧美成人 | 欧美丝袜xxxxx在线播放 | 久久久久久久久国产 | 国产精品久久久久久久毛片 | 自拍视频网 | 男人的亚洲天堂 | 亚洲 欧美 都市 自拍 在线 | 国模偷拍在线观看免费视频 | 激情性爽三级成人 | 最新毛片久热97免费精品视频 | 美美女高清毛片视频免费观看 | 亚洲国产一区二区三区四区 | 免费中文字幕一级毛片 | 美女张开双腿让男人桶视频免费 | 久久久精品国产免费观看同学 | 日韩成人午夜 | 青娱乐色 | 国产在线啪 | 亚洲精品一区二区三区美女 | 国产一区亚洲二区三区毛片 | 成年人免费在线视频观看 | 成人国产精品视频频 | 亚洲作爱视频 |