Buyers Lined-up for AIG’s Nan Shan Insurance Company

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Foto: NTDTV
Epoch Times10. Dezember 2010

A buyer for AIG’s Nan Shan Life unit may be chosen as early as next week.

Sources say a preferred buyer may be named on December 15th, or bidders may be shortlisted and briefed on the next step of the bidding process.

As many as five companies have submitted bids including Cathay Financial, Fubon and Chinatrust.

AIG is seeking to sell Nan Shan as part of its efforts to pay back the U.S. Treasury for a $130 billion bailout.

Jonathan Lee of Fitch Ratings says Taiwan’s regulators face a tough call, as they attempt to balance expertise and saving jobs.

[Jonathan Lee, Vice President, Fitch Ratings]:
„The government probably wants to see the buyer have a strong track record in managing a large insurance company. From this consideration, Fubon and Cathay, they probably will be favored. But the government will also have to consider this transaction’s impact on the employment rate.“

Regulators rejected an earlier joint bid from Primus Financial and China Strategic on concerns over their fund-raising ability and lack of experience in the insurance business.

Nan Shan’s employee union also objected to the deal in May, citing the group’s links to mainland China.

Union representative Lan Wei-Ding says workers‘ rights remain its top priority.

[Lan Wei-Ding, Union Representative, Nan Shan Life]:
„If the new buyer can pass the five principles set out by the government, then we believe there won’t be much of a problem. As for the negotiation between the employer and employees, we wish the government to intervene. We would be concerned if the local company got away with the examination of the Council of Labor Affairs, because the process is different from that of the Investment Commission. If the new buyer does not handle the labor and capital problem well, then the dispute could go on, and I think this is not something the new buyer would like to see.“

AIG said last month it was hoping to sell Nan Shan Life for about $2 billion and wanted to complete the sale in two months.

Foto: NTDTV


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