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AIG seeks to sell $750 million of PICC P&C shares after rebound

AIG has been scaling back its investment in the Chinese insurer recently after agreeing in 2003 to take a 9.9% stake.

By Bei Hu, Sonali Basak | Updated on December 07, 2015

(Bloomberg) — American International Group Inc., the insurer being pressured by activist investor Carl Icahn to boost returns, is seeking $750 million by selling shares in PICC Property & Casualty Co. after the Chinese company’s stock rebounded.

AIG is offering 355 million to 361 million shares of China’s largest non-life insurer at HK$16.08 to HK$16.38 apiece, according to terms for the deal obtained by Bloomberg. That compares with the closing price of HK$17.12 Monday for PICC, which rallied about 20% from this year’s low in September. New York-based AIG can’t sell any of its remaining PICC stake for 90 days, according to the terms.

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