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Prudential's Japan unit to bid for AIG units: Reports
12/3/2008 2:32 AM ET
(RTTNews) -
A Japanese affiliate of Prudential Financial Inc. (PRU: News )is eyeing the purchase of two local life insurance units of U.S. insurer American International Group (AIG: News ), according to a report filed by Japanese daily Nikkei.
Gibraltar Life Insurance Co., a member of the Prudential Group in Japan, will reportedly bid for AIG Edison Life Insurance Co. and AIG Star Life Insurance Co. The price, which is expected to reach several hundred billion yen, is to be finalized after due diligence.
The US government saved AIG from bankruptcy in September with an original rescue package of $85 billion, which has since then been amended to make the credit terms easier. On its part, the insurer has been attempting to preserve cash and raise resources to keep itself afloat.
Nikkei also said that the company intends to sell Alico Japan, a branch of the U.S. unit American Life Insurance Co.
PRU closed Tuesday's regular trading session at $19.11, up $1.96, on a volume of 11.11 million shares.
Shares of AIG ended Tuesday's trade at $1.87, up 13.33%, on a volume of 44.07 million shares.
by RTT Staff Writer
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