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AIG seeks to speed up exit plan
By Sakthi Prasad |
September 15, 2010, Wednesday
|
Print Edition
Print Edition
AMERICAN International Group Inc is in talks with United States officials to formulate a plan that would speed up the insurer's exit from government ownership, the Wall Street Journal said, citing people familiar with the matter.
The exit plan could be rolled out as early as the first half of 2011 and is designed to repay the US taxpayers in full, the Journal said.
As per the plan, the Treasury department may convert US$49 billion in AIG preferred shares it owns into common shares.
This move would increase the government's ownership stake in the insurance company to above 90 percent, from 79.8 percent currently, the Journal said, citing people familiar with the matter.
However, after the conversion, the common shares would be sold off to private investors in a phased manner, a move that would reduce US ownership and potentially earn the government a profit if the shares rise in value, the newspaper said.
The exit plan could be rolled out as early as the first half of 2011 and is designed to repay the US taxpayers in full, the Journal said.
As per the plan, the Treasury department may convert US$49 billion in AIG preferred shares it owns into common shares.
This move would increase the government's ownership stake in the insurance company to above 90 percent, from 79.8 percent currently, the Journal said, citing people familiar with the matter.
However, after the conversion, the common shares would be sold off to private investors in a phased manner, a move that would reduce US ownership and potentially earn the government a profit if the shares rise in value, the newspaper said.
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