Monday, March 08, 2010

AIG to sell Alico unit to MetLife for $15.5 billion - Mar. 8, 2010

AIG to sell Alico unit to MetLife for $15.5 billion - Mar. 8, 2010:
"AIG agreed Monday to sell its American Life Insurance Co. unit to MetLife Inc. for $15.5 billion in cash and stock, in beleaguered AIG's second sale of an international unit in a week.

AIG said it will sell the unit, known as Alico, for $6.8 billion in cash and the remainder in MetLife equity."

and later:
""This sale is an important step toward repaying the government," Harvey Golub, chairman of AIG, said in a statement. "Both sales give AIG greater flexibility to move forward with our restructuring and rebuilding efforts, and focus on enhancing the value of our key insurance businesses.""

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