WSJ Reports AIG Nearing Nan Shan Buyer

December 23, 2010

Bailed-out insurer American International Group Inc is close to picking a preferred bidder for Taiwanese life insurer Nan Shan, the Wall Street Journal reported Wednesday.

But a person familiar with the situation, who spoke on condition of anonymity, told Reuters that it was unlikely that the bidder would be publicly named next week.

AIG Chief Executive Bob Benmosche met Taiwanese regulators last week to talk about criteria for approving the sale, regulatory sources said. Taiwan’s Financial Supervisory Commission rejected the original $2.15 billion bid by a group it said lacked sufficient experience.

Four groups have submitted bids this time, and Taiwanese media reports suggest there are up to five contenders. AIG has said it expects to sell the business for at least the same amount it was offered originally.

An AIG spokesman declined to comment on the report.

(Reporting by Ben Berkowitz, editing by Gerald E. McCormick)

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