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<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR>Temasek eyeing AIG's asset management unit
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AIG has agreed to sell two New York buildings, including its downtown Manhattan headquarters, according to a source. -- PHOTO: ASSOCIATED PRESS
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->NEW YORK: - Singapore's Temasek Holdings and Hong Kong tycoon Richard Li's Pacific Century Group may join an investor group in talks to buy American International Group's asset management unit, a source familiar with the matter said on Tuesday.
Franklin Resources and Crestview Partners are in exclusive talks for the business, and the two Asian investors are considering taking part in that consortium, the source said.
The asset management business, which rests with AIG Investments, had drawn interest from both private equity and strategic buyers, sources have said previously. Initial bids for the unit had come in around US$500 million (S$720 million).
AIG also agreed to sell two New York buildings, including its downtown Manhattan headquarters, another source familiar with the matter said.
The insurer's headquarters at 70 Pine Street are in a 66-storey building topped with a Gothic-like spire. It was the tallest building in downtown Manhattan prior to the building of the World Trade Center. Occupants of the office are likely to stay there through the end of next year.
The other building is located at 72 Wall Street, and employees are to be relocated by the end of this year, the source said.
The source declined to name the buyer or the value of the deal.
Separately, AIG said it had agreed to sell its consumer finance operations in Argentina for nearly US$44 million to Banco Galicia and an investment group led by Grupo Pegasus.
Banco Galicia bought 80 per cent of the company and the Pegasus investment group purchased the remaining 20 per cent.
AIG is also in negotiations to sell its consumer finance businesses in Colombia and Mexico, said another source.
AIG declined to comment. The sources are anonymous because the talks are private.
The moves are part of a larger divestiture programme by AIG, as it looks to sell assets to pay back the United States government.
The government has committed some US$180 billion to AIG's rescue, including about US$85 billion in loans that the insurer is trying to repay with these divestitures. REUTERS
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AIG has agreed to sell two New York buildings, including its downtown Manhattan headquarters, according to a source. -- PHOTO: ASSOCIATED PRESS
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->NEW YORK: - Singapore's Temasek Holdings and Hong Kong tycoon Richard Li's Pacific Century Group may join an investor group in talks to buy American International Group's asset management unit, a source familiar with the matter said on Tuesday.
Franklin Resources and Crestview Partners are in exclusive talks for the business, and the two Asian investors are considering taking part in that consortium, the source said.
The asset management business, which rests with AIG Investments, had drawn interest from both private equity and strategic buyers, sources have said previously. Initial bids for the unit had come in around US$500 million (S$720 million).
AIG also agreed to sell two New York buildings, including its downtown Manhattan headquarters, another source familiar with the matter said.
The insurer's headquarters at 70 Pine Street are in a 66-storey building topped with a Gothic-like spire. It was the tallest building in downtown Manhattan prior to the building of the World Trade Center. Occupants of the office are likely to stay there through the end of next year.
The other building is located at 72 Wall Street, and employees are to be relocated by the end of this year, the source said.
The source declined to name the buyer or the value of the deal.
Separately, AIG said it had agreed to sell its consumer finance operations in Argentina for nearly US$44 million to Banco Galicia and an investment group led by Grupo Pegasus.
Banco Galicia bought 80 per cent of the company and the Pegasus investment group purchased the remaining 20 per cent.
AIG is also in negotiations to sell its consumer finance businesses in Colombia and Mexico, said another source.
AIG declined to comment. The sources are anonymous because the talks are private.
The moves are part of a larger divestiture programme by AIG, as it looks to sell assets to pay back the United States government.
The government has committed some US$180 billion to AIG's rescue, including about US$85 billion in loans that the insurer is trying to repay with these divestitures. REUTERS