Results 141 to 150 of 158
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February 24th, 2009 02:02 AM #141
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March 3rd, 2009 02:46 PM #143AIG holds off Philamlife sale: report
abs-cbnNEWS.com | 03/03/2009 12:20 PM
In a surprise move, AIG has decided to retain its Philippine unit Philamlife.
With this, the bidding for Philamlife assets may no longer push through.
AIG had hoped to sell some of its businesses worldwide in order to repay loans from the US government.
Sources said AIG has decided to hold off the sale of its Asian businesses as the offers it received fell short of what it considers to be fair market value.
At least four groups are reported to have submitted bids for Philamlife before the February 25 deadline.
ABS-CBN News Channel (ANC) tried to get a reaction from Philamlife President Jose Cuisia, but Cuisia said he can't confirm nor deny the news.
"I can't confirm nor deny because I'm not allowed to do so under the directives of AIG and the Federal Reserve Bank of New York," he said. – report from ANC
as of 03/03/2009 12:21 PM
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March 3rd, 2009 03:28 PM #144
the AIG mothership decided not to go thru with the asset sales coz it knows it can't get the prices it wants in this environment
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March 3rd, 2009 05:25 PM #145
Add to that, PhilAm is posting net profits. So why sell your assets that generate income?
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March 3rd, 2009 05:28 PM #146
Because Philam even though making money is small peanuts compare to the motherships gargantuan near $100B loss. $100B is already the GDP of Kuwait hehehehe... They gotta sell everything to pay their debt and obligations and that might not even be enough. THE USG is pouring a lot of money on this fat zombie but its still hungry...
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March 3rd, 2009 05:55 PM #147
ya what's Philam if you're talking about the AIG mothership?
Philam is so small that it doesnt even get mentioned in AIG's restructuring plans
they only mention AIA when referring to their asian life insurance business
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March 5th, 2009 01:39 PM #148
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March 5th, 2009 02:21 PM #149
outside of Japan (Alico Japan, AIG Edison, AIG Star), AIG refers to AIA as its asian business
they don't care to mention Philam separately
it's not important enough to mention
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AIG stops all talks with bidders
AIG Halts Talks, Data Access for Bidders of Life Unit
http://www.bloomberg.com/apps/news?p...btg&refer=home
March 4 (Bloomberg) -- American International Group Inc. told employees the company suspended talks to sell a life insurance unit spanning 50 countries and is preparing to take the business public as early as next year.
AIG has halted “active communications” with two unnamed bidders for American Life Insurance Co. and closed the so-called data rooms providing access to financial data, Dennis Vigneau, the unit’s chief financial officer, said yesterday during an employee meeting and conference call in Wilmington, Delaware. MetLife Inc. made a preliminary offer of $11.2 billion for Alico and Axa SA put in a bid that excluded Japanese operations, three people familiar with the matter said last month.
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March 8th, 2009 01:22 PM #150
Well for Philam I think its in their best interest that they get sold to someone more stable and stay away from AIG like the plague... But looks like they will be integrated with AIA (AIG's Asian unit).
Haha that's true. People entering the roundabout charge into it as if they have the right of way,...
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