Activist investor Carl Icahn has raised his stake in American International Group Inc. by 5.2 percent, putting him in a better position to pressure the insurer to split into three independent companies.
Icahn now owns 44.4 million shares in AIG, a regulatory filing showed on Monday, bringing his stake in the biggest U.S. commercial insurer by premiums to about 4 percent, according to Thomson Reuters data.
Tensions have been mounting between AIG Chief Executive Peter Hancock and Icahn over the billionaire’s suggestion in October that the company should break up – an idea Hancock promptly rebuffed.
Icahn had argued that a split would help AIG rid itself of the regulatory burden of being a systemically important financial institution, which requires higher capital cushions.
In February, the insurer agreed to add Samuel Merksamer, a managing director at Icahn Capital LP, to its board.
(Reporting by Richa Naidu; Editing by Saumyadeb Chakrabarty)
Related:
- AIG Ex-CEO Greenberg Agrees with Current CEO Hancock, Not Icahn
- Icahn Renews Attack on AIG CEO Hancock; Insists ‘Drastic Shift’ Needed
- AIG Prize Fight Hancock vs. Icahn: Who’s Winning Now?
Topics Mergers & Acquisitions AIG
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