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    Allianz, others consider buying AIGs Japan units: reports

    04.10.2008 - 12:07 | Son Güncelleme:

    Germany's Allianz Group and other major insurers are considering buying American International Groups three life insurance units in Japan, news reports said Saturday.

    On Friday, the embattled insurance giant announced plans to sell off "non-core" assets, possibly including its three Japanese units -- Alico Japan, AIG Edison Life Insurance and AIG Star Life Insurance.


    Allianz and Aegon N.V. of the Netherlands have shown strong interest in buying the three firms, Kyodo News reported, quoting unnamed sources close to the deal.


    Japan’s top non-life insurer Tokio Marine Holdings was also showing interest and had already started collecting information about their finances, according to the evening edition of the Asahi Shimbun.


    AIG has started to narrow down candidates for the sale by soliciting bids behind the scenes, Kyodo reported, adding that negotiations for the deal were expected to conclude by the end of this year.


    Alico Japan is expected to be priced at around two trillion yen ($19 billion), with AIG Star and AIG Edison seen to sell for at least 500 billion yen, respectively, Kyodo reported, quoting its sources.


    The U.S. Federal Reserve last month agreed to a loan of up to $85 billion to stave off collapse at AIG. The deal gave the U.S. government a 79.9-percent stake in the insurance behemoth.


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