AIG and Prudential are on the verge of sealing a deal for the sale of AIA, the US life company’s Asian business, to the UK’s biggest insurer for up to $35bn, with a deal expected to be announced this week.
The board of AIG held talks this weekend to decide whether to sell its huge Asian business or proceed with a planned listing of the unit after a presentation by Tidjane Thiam, Pru chief executive, on Friday.
According to people familiar with the situation, a deal is at an advanced stage and has been agreed in principle, while others say that the stricken US insurer and its owners could still plump for the $15bn-$20bn initial public offering that AIA has been preparing for almost a year.
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