The insurance company, whose remaining AIA stake was approximately 14 percent stake, said Monday that it plans to use the net proceeds from the sale for general corporate purposes.
Shares of AIG gained
The Journal, based on a term sheet it had access to, reported that AIG began selling 1.65 billion shares of AIA at
The price range is a 3 percent to 6 percent discount to
AIG declined to comment on the specifics provided in Journal's story.
In September AIG raised about
In 2010, the company spun off AIA in
Last week the
Since the financial meltdown, AIG has undergone a significant restructuring which has cut the size of the company nearly in half aimed at focusing on its core insurance operations.
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